I think that XBTUSD is rebalancing itself after what i consider a buying climax bar of January 3.
It’s very important to stay above our mid-term VWAP at 840$ but considering the high volatility of these days it’s not excluded a test below it, eventually down to $720.
This price zone (720$-840$) might be a good spot where to buy because the overall trend is still up. I don’t think this drop will continue down to the yearly support of 500$ that i wrote about in the 2017 outlook of few days ago.
The daily RSI has been overbought for a prolonged period and its reading is around 50.
The situation with a very short term VWAP (7 days) see XBTUSD in a weak position below our average. With a move above 1010$ XBTUSD would regain some bullishness in the short term.
Bitcoin Trading Ideas, Analysis 
I trade weekly, I don’t see the weekly uptrend being in danger as of now.
I’m trying not tu pull my hair out… bought yesterday at 980 😛
I’m trying not to pull my hair out for not buying more at 200-300 in late 2015 >.<
That’s not the worst buy in the world, Martin, tbh. Just sit on it longer term. It will go back up. The only thing that socks is that it might take longer than you wanted to wait. But don’t be worried, as your post makes me think you are 🙂
Thanks for the support Bryce, I am worried! but not desperate. I’m really trusting Enky’s predictions (not going to blame him if they end up being all wrong either hehe). What bothers me is that I’m a complete NOOB (heck, I think that title is big for me) in stocks and commodities trading and sometimes my buys or sells are more of guts than maths and logic. I bought at 980 because it was 960 and started to rise. So I thought that was a good price to buy, it went up, but no so much to justify a sell in just one day. So I decided not to sell and a day later is at 830. Of course, everyone’s PRO with monday’s newspaper, but I feel that I missed a little profit there 😛 I’m thinking that if for monday the price is still low, I’m buying my other half position and hold to my full position untils its like.. idk… 1500 😛
I think that, long term, it was perfectly reasonable decision to buy at 980.
I can’t get the charts to show bigger, hard to see anything.
Do you think the correction is over, Enky? Yesterday’s quick rebound gives me hope.
I’m noob in this but I think correction is not yet over 😦
Would a slow drop to 750 invalidate the (long term, weekly/monthly) uptrend?
Just what I thought, thanks.