State of the Bitcoin Market Nov 13 2014

State of the Bitcoin Market Nov 13 2014

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Regular readers who followed our advice should now have established a full position at an average price of about $333 (levels of $340, $333, and $325). The rapid rise on Nov. 12 to $430 is too good to resist so we recommend taking off 1/3 of the position at current levels ($425).

BTC.State.of.the.market.13.11.2014

We would hold the remaining 2/3 position looking for a move up to $530 where we would sell the remainder. On the downside we would look to stop out of the remaining 2/3 position if we decline back below $360, if we reverse this high volume spike upward then we would probably retest the October lows – at the moment we believe this is a highly unlikely scenario.

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