We see this dip as healthy.

If you a looking to enter the market, Gann and Fibonacci work show a zone in Bitcoin (BTC) between $7,629 and $7,400 as the best place to enter (Figure 1).

 Figure 1

Looking at Bitcoin (BTC) on BitMEX the best level for an entry point might be a Gann level at $7,500 (work not shown). If XBTUSD hits $7,500 and holds, $10,000 may be next.

Looking at Ethereum (ETH), the zone between $234 and $221 is the best area of support. $234 is the 38% retracement of the recent up move (Figure 2). $221 is the 50% retracement of the recent up move and a huge Gann point. If Ethereum (ETH) hits $221 and bounces, $400 might be next.

 Figure 2

Bottom Line: Dips like this can be scary, but they are healthy. Given our intermediate term view, these dips could be a big opportunity to initiate trading long positions.

The Cypto.IQ Trading Desk will know when and if to buy the dip. If you want in, they are the masters of tactical trading.

Join me there.