Wow, I swear everyone was so bullish and then today happens and people are panicking as if BTC is in big trouble or something. This is why having a plan and sticking to it is so important, especially in a volatile market such as crypto.
Just yesterday as we were making our bull move up towards $13k I stated "Ideally want to see bulls maintain 12 EMA support on daily and really even on 4 hour chart if possible."
4 hour sure would have been nice to hold but unfortunately lost that. If doing short term/day trading, this likely would have allowed for a stop loss around $12,500 today which is still better than where we sit at currently. Or if looking more swing position then we are watching that 12 EMA on Daily. And guess what, we pulled back and found support on the 12 EMA. It certainly doesn't have to stay as support but was a nice target to watch for support or entries if not in a position or for those who opted to use 4 hour 12EMA loss as an exit, could have then used 12 EMA daily as a reload and saved themselves 7-8%. But the bottom line is have a plan. Others will use higher lows, 4 hour higher low got lost at $12,100 and daily higher low which we also discussed yesterday had plenty of breathing room as its down at $10,761. So whatever strategy one uses, the main thing is to have a plan.
I am personally still in my position as my entry point allowed for plenty of wiggle room to feel comfortable on this trade or potentially to even hold for a while. Always zoom out. Don't get wrapped up in 5 min, 15 min, even hourly candlesticks unless an experienced trader. Today is Wednesday, yes price fell a solid % today but it put us back to where we were Monday. We will see how this bounce plays out from 11.5k's today and if bears are able to give another lower high and lower low would certainly have me considering locking up some profits just to protect capital. Currently high to beat is $13,202 from yesterday and low to ideally hold is $11,553 from today.
Just My 2 Sats!
Just yesterday as we were making our bull move up towards $13k I stated "Ideally want to see bulls maintain 12 EMA support on daily and really even on 4 hour chart if possible."
4 hour sure would have been nice to hold but unfortunately lost that. If doing short term/day trading, this likely would have allowed for a stop loss around $12,500 today which is still better than where we sit at currently. Or if looking more swing position then we are watching that 12 EMA on Daily. And guess what, we pulled back and found support on the 12 EMA. It certainly doesn't have to stay as support but was a nice target to watch for support or entries if not in a position or for those who opted to use 4 hour 12EMA loss as an exit, could have then used 12 EMA daily as a reload and saved themselves 7-8%. But the bottom line is have a plan. Others will use higher lows, 4 hour higher low got lost at $12,100 and daily higher low which we also discussed yesterday had plenty of breathing room as its down at $10,761. So whatever strategy one uses, the main thing is to have a plan.
I am personally still in my position as my entry point allowed for plenty of wiggle room to feel comfortable on this trade or potentially to even hold for a while. Always zoom out. Don't get wrapped up in 5 min, 15 min, even hourly candlesticks unless an experienced trader. Today is Wednesday, yes price fell a solid % today but it put us back to where we were Monday. We will see how this bounce plays out from 11.5k's today and if bears are able to give another lower high and lower low would certainly have me considering locking up some profits just to protect capital. Currently high to beat is $13,202 from yesterday and low to ideally hold is $11,553 from today.
Just My 2 Sats!
