This plan will be put into action at the first instance of bankruptcy proceedings against Bitfinex.
I will use the 10W MA as my stop loss level and look to open a short position on the next move higher which I suspect will coincide with Bitfinex relaunching their website and or any functionality involving the withdraws of alt coins and or USD.
I believe there has been a significant level of damage done to it's reputation and trust that will ultimately force it to cease operation and enter administration. Looking back at price action when Mt.Gox collapsed we can see for several months the price of Bitcoin was under pressure before recovering in May then continuing it's decline.
I suspect we will see similar price action again. Another interesting aspect of this situation coincides with a chart I posted before the Bitfinex hack showing the negative historical significance August seemed to have on the price of Bitcoin and I still believe this to be true which is posted below.
I suspect this will be played out over the coming weeks and months I will therefore open a quarterly contract at Okcoin with the aim to hold the position over the coming months.
Good Luck
I will use the 10W MA as my stop loss level and look to open a short position on the next move higher which I suspect will coincide with Bitfinex relaunching their website and or any functionality involving the withdraws of alt coins and or USD.
I believe there has been a significant level of damage done to it's reputation and trust that will ultimately force it to cease operation and enter administration. Looking back at price action when Mt.Gox collapsed we can see for several months the price of Bitcoin was under pressure before recovering in May then continuing it's decline.
I suspect we will see similar price action again. Another interesting aspect of this situation coincides with a chart I posted before the Bitfinex hack showing the negative historical significance August seemed to have on the price of Bitcoin and I still believe this to be true which is posted below.
I suspect this will be played out over the coming weeks and months I will therefore open a quarterly contract at Okcoin with the aim to hold the position over the coming months.
Good Luck
