[BTC] Buying the dip now? 22.2.18

Hi All, Crypto Sludge here.

As i wrote in my yesterdays post Buy the dip?, Yesterday was not a good day to buy the dip :)

What about today?

Frankly, i still don't think so. On the 4H chart we been bashing hard against the 200MA, and i believe it will give.

Furthermore, with how cleanly this small run been following FIB levels, i strongly believe we will see 9500$ (0.382 fib level) and even maybe 8888$ (0.5 fib level) before correcting.

The 1H chart, TD9 Risk line, @ 9480$ is yet another support point that confirms to me the importance of the 0.382 fib level in this correction.

As much as i would love to see BTC mooing to the 12k-15k area, this retacement is healthy, the market needs to get confident again, and nothing like a good correction after a healthy uptrend to create new support levels.

I currently give about 80% to a continued dip to the 9500$ area, the other 20% due to the StochRSI on both the 1H and 4H charts flat in the oversold area, is a possibility for a short up movement, but i expect it to be to the 10k$-10.5k$ max before correcting again.

I am keeping my trade open, with ~9500$ as my stop loss, if we bounce properly i will BTFD if not, i'll stop out and re-evaluate.

Trade ON!

Crypto Sludge