Description
⋅ over the weekend at the 0.5 fib retracement of a 100% 1-2 day move while Bitcoin trends
higher in weekend price action. Can the price action reverse out of the pullback and
retracement with bullish continuation? Relative strength has retreated but held at the 50 level.
Consistent with consolidation, the volume fell off for the close of the trading week. I will take
a long trade in this suspecting it will do well as did HUT and other cryptocurrency penny stocks.
I will set a 5% stop loss and target 25% or the middle of the zone of the topping wicks
on the pivot high of the previous trading day. So, this is a R:r of 5 trade plan. Safe and
conservative especially since I will only use 0.01% of buying power for the trade.
Trade active
⋅ Nice action today- mellow continuation. Stop raised over breakeven. Profitable stress free trade now. Bitcoin slowing down for a break.
Trade active
⋅ 20% of position closed to lock in a profitable trade. Holding the rest until Bitcoin pulls back.
Trade closed: stop reached
⋅ Bitcoin pulled back. Stop loss did what it was supposed to.