BAKE/BTC - Forgetting to set a stop loss can be a painful lesson
Only posting this to try and help a trader that forgot to set a SL. Often if there's enough of a history you can wait for a recovery, but there is very little history here.
Unfortunately this asset has been in a downtrend for months, and in a descending channel.
Although some support was found around July 31st that has since turned into resistance, that's not what we want to see unless you wanted to short it.
We're also below the 50 day MA and there isn't enough data to get a 200 day.
Yesterday there was an opportunity to "get out of Dodge" when BAKE/BTC shot up to .00004266 testing what almost became past support which also happens to be the 50 day MA. It failed and has continued in it's channel downwards and remains as future resistance.
Because there is some divergence on both the MacD and RSI it's possible this asset is trying to find a bottom.
Sometimes is better to take the loss and chalk it up as a bad experience and other times it's worth waiting. Or sometimes you can exit exit 50% of your position and pray the other 50% recovers but be aware it could decline further before a bottom is found. With such little action other than down it's hard to hold on to any hope with this asset.
Good luck my friend...
Unfortunately this asset has been in a downtrend for months, and in a descending channel.
Although some support was found around July 31st that has since turned into resistance, that's not what we want to see unless you wanted to short it.
We're also below the 50 day MA and there isn't enough data to get a 200 day.
Yesterday there was an opportunity to "get out of Dodge" when BAKE/BTC shot up to .00004266 testing what almost became past support which also happens to be the 50 day MA. It failed and has continued in it's channel downwards and remains as future resistance.
Because there is some divergence on both the MacD and RSI it's possible this asset is trying to find a bottom.
Sometimes is better to take the loss and chalk it up as a bad experience and other times it's worth waiting. Or sometimes you can exit exit 50% of your position and pray the other 50% recovers but be aware it could decline further before a bottom is found. With such little action other than down it's hard to hold on to any hope with this asset.
Good luck my friend...