Bitcoin was down about $12 (2.8%) last week, closing at $408.04 (HK$ 3183). With top at $419.3 and bottom at $404.5. Align with our previous analysis, speculators should take $400 (HK$ 3120)- $420 (HK$ 3276) as their short term range trading take profits.
Suggestions: $405 (HK$ 3200) could be a great area to increase your Bitcoin holdings and take profit at $420 (HK$ 3276) if you are short term speculator. For a mid to long term target, we see a breakout of $420 implies momentum towards $450 (HK$ 3510). However, investors should also be aware of downside and place stop-loss at around $375 (HK$ 2925) to limit losses on a confirmed downtrend.