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All things being equal, I have been buying short-term dips in this market as an opportunity to pick up more and build to a core position for a longer-term investment. If you are shorter term, then you’re probably looking at this $15,000 range as your playground. I suspect at this point in time, we are more likely than not to pull back, offering yet another opportunity for me to dollar cost average into this position.
But if you’re a shorter term trader, you may be looking for a pullback toward the roughly $80,000 level, maybe a little bit lower than that. Nonetheless, if we get a major risk on type of rally, that obviously helps Bitcoin, which is very sensitive to how things play out in other markets these days, especially the NASDAQ. So, with that, keep an eye on multiple markets and keep your position size reasonable.
For a look at all of today’s economic events, check out our economic calendar.
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