While Japan is embracing Bitcoin , it still has some issues.
There is no solution on scaling yet, and doesnt seem we will get something soon either. There aint that much talk about it now a days as before because of the increasing prices, but its still very, very real.
On top of that, we got Chinese exchanges with a bunch of coins locked up and selling at a VERY HIGH premium.
Time for Bitcoin to cool down for a month or two.
Short - 1770
Close Position - Between 1500 and 1570 (1535 avg )
Stop Loss - 1825 & 1862
It may fall as low as 1390 USD. This is the 0.5 FIB retracement and will be very heavy support.
If it falls down here, I'll be looking to go long.
Very unlikely that anything new is gonna happen, and will most likely be denied yet again. Which should push this trading idea through.
However, in the unlikelyhood that it should get approved, be ready to switch positons ASAP!!
Touched our first line perfectly! Did a quick trade there and have already made my position better :)
It hit my stops and I am down 4% on this one. Not that bad.