MY BITCOIN BUY IS IN PROFIT! I hope you followed my signal
CONGRATS if you bought BTC at my entry point! If you didn't, well there will always be more opportunities, and I'll alert you to them in advance. When I posted this idea, I was hoping for a nice clean breakout.
But of course what actually took place was a rather hesitant, uncertain breakout. I actually decided to buy BTCUSD in between the blue line and the pink line, as the initial breakout felt strong enough to be worth getting into a little bit early.
Within 24 hours, the breakout was reversing way below the blue line and I sold out quickly. But I was ready for a second attempt, again in between the blue and pink lines. I'm now well into profit, but the slow, hesitant nature of this breakout worries me. I will not allow it too much room to breathe and will exit if the price falls much below 5900 again.
As I said in my original post, the broadening triangle pattern is not a particularly reliable breakout pattern. Horizontal lines are usually more reliable than sloping ones, and triangles that widen instead of shrinking are generally less reliable too. These are some of the reasons why I'm keeping my stop-loss level nice and tight.
But of course what actually took place was a rather hesitant, uncertain breakout. I actually decided to buy BTCUSD in between the blue line and the pink line, as the initial breakout felt strong enough to be worth getting into a little bit early.
Within 24 hours, the breakout was reversing way below the blue line and I sold out quickly. But I was ready for a second attempt, again in between the blue and pink lines. I'm now well into profit, but the slow, hesitant nature of this breakout worries me. I will not allow it too much room to breathe and will exit if the price falls much below 5900 again.
As I said in my original post, the broadening triangle pattern is not a particularly reliable breakout pattern. Horizontal lines are usually more reliable than sloping ones, and triangles that widen instead of shrinking are generally less reliable too. These are some of the reasons why I'm keeping my stop-loss level nice and tight.
Comment:
Hard not to feel a little bit optimistic now, with Bitcoin soaring! I'm going to sleep now, my stop-loss is still in place, as Bitcoin tends to have pretty vicious reversals sometimes.
Comment:
Fantastic rise while I was asleep! I'm far into profit now, but I'm going to keep my stop-loss around the 5900 mark and not move it upwards. Why? Surely I'm risking all my profit? Yup, that's exactly what I'm doing. This was only the second major breakout since Bitcoin hit bottom, and there's every chance the price will retest that breakout point again or at least come close to it.
If I raise my stop-loss level, I could be stopped out of this position prematurely and then watch helplessly as Bitcoin rises and rises and rises (perhaps to that fabled 'moon'). If I leave my stop-loss where it is, I risk my short-term profits but protect my long-term positioning, which is where the big money is.
If I raise my stop-loss level, I could be stopped out of this position prematurely and then watch helplessly as Bitcoin rises and rises and rises (perhaps to that fabled 'moon'). If I leave my stop-loss where it is, I risk my short-term profits but protect my long-term positioning, which is where the big money is.
THE CRYPTO TRADER: How anyone can make money trading Bitcoin and other cryptocurrencies
Published by Harriman House.
This link should take you to your local Amazon site.
getbook.at/TheCryptoTrader
Published by Harriman House.
This link should take you to your local Amazon site.
getbook.at/TheCryptoTrader
