We have included today's news letter from Bitcoin Bull Bear report below.
We see this as an exceptional buying opportunity.
Bitcoin BullBear Exchange Alert - Bitfinex
About an hour ago it was discovered that Bitfinex was hacked yet again. Trading has been halted and the website has been put in maintenance mode. From what we hear, this is not an existential threat, however these things never add to market confidence (at least not in the near term). This unexpected event has put additional pressure on the market which is why we are now trading below 580 $.
This should come as no surprise from a price perspective considering we have been wanting and planning to buy at lower levels for quite some time due to the short term technical weakness, although we do not want to knife catch just yet. We want to let the dust settle once BFX opens back up before getting to aggressive on the long side. Having said that, we do think this will present a good medium term buying opportunity so we will stay diligent in monitoring price action and momentum.
For the time being we think it best just to remain neutral, although the MT ProTrade remains in effect down between 525 - 550 $. We would probably prefer to buy at the lower end of that range at this time, but will start nibbling near 550 $.
