Well we never saw a very tight equilibrium I was hoping for on 4 hour but we did break to higher highs on 4 hour. I personally entered at $3770 (originally thinking 3763 would be the high to beat but realistically 3800 became that level). All in all worked out fine as the bulls finally saw continuation.
I have now scaled out of 80% of my position and locked up excellent profits for the trade. Remaining 20% I'll let ride out a while.
This bounce is basically the daily charts bounce playing out which still has a ton of space to the upside and would still be another daily lower high. Daily charts resistance is up at $5665 so pretty confident in a lower high coming, just a matter of when. So I am looking more at 4 hour and recognizing it is getting over extended and needs consolidation soon. Resistances include $4370, 4589, 4628, and 4759 upcoming. But with 4 hour RSI approaching over bought, I am expecting a pullback sooner rather than later and may reload to my remaining position. We could certainly see some continuation on daily chart over this week but I still prefer to lock up my profits as 10-15% in a day is not something I care to give much back on. Hourly has continued given higher lows as well with its support down at $4133 and then $3952. Those could be potential stop loss areas for anyone wanting to try and ride things higher but also protecting profits. As higher lows set, just creep that stop up to the next level. Lots of different ways to play this trade due to the lack of resistance on many time frames secondary to the hard initial drop off we had. However one plays it, I prefer to always protect profits, I can always re-enter later regardless of price but still feel just fine knowing I've locked in some nice profits already. Lets see if bulls have some more to the upside before 4 hour begins its consolidation!
Just My 2 Sats!
I have now scaled out of 80% of my position and locked up excellent profits for the trade. Remaining 20% I'll let ride out a while.
This bounce is basically the daily charts bounce playing out which still has a ton of space to the upside and would still be another daily lower high. Daily charts resistance is up at $5665 so pretty confident in a lower high coming, just a matter of when. So I am looking more at 4 hour and recognizing it is getting over extended and needs consolidation soon. Resistances include $4370, 4589, 4628, and 4759 upcoming. But with 4 hour RSI approaching over bought, I am expecting a pullback sooner rather than later and may reload to my remaining position. We could certainly see some continuation on daily chart over this week but I still prefer to lock up my profits as 10-15% in a day is not something I care to give much back on. Hourly has continued given higher lows as well with its support down at $4133 and then $3952. Those could be potential stop loss areas for anyone wanting to try and ride things higher but also protecting profits. As higher lows set, just creep that stop up to the next level. Lots of different ways to play this trade due to the lack of resistance on many time frames secondary to the hard initial drop off we had. However one plays it, I prefer to always protect profits, I can always re-enter later regardless of price but still feel just fine knowing I've locked in some nice profits already. Lets see if bulls have some more to the upside before 4 hour begins its consolidation!
Just My 2 Sats!
