This is never recommended. For the first time, I have put 100% of my trading portfolio into Bitcoin with a tight stop preceding this supposed BTC ETF approval today. I do believe we are nearing a local top on this 3 month bull run, however, my chart shows that we still have a little room to run. I suspect 48k will be our line of resistance even though we could wick through that to go as high as 52k today. The rest will become a sell the news event IMO. And if the BTC ETFs are not approved, my fairly tight stops should liquidate and take care of salvaging too big of a loss.
Entry - 43884 Target - 48237 SL - 42337 RRR - 2.8
LFG!
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Moving stops up to entry for a break even exit. I will try to trail the stops by about 3%
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Took half off at 47k and raising stops to 45k
Trade closed: target reached
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While I have stated all along that Bitcoin could spike to as high as 55k, to 50-52k is more likely, my target of 48k has been reached and I am choosing to take my profits now. 48k is huge resistance and I will probably not trade again until future direction can be confirmed with a close above 48k and two more candles opening and closing above that same price. If that doesn’t happen, it means we should see a bit of a pullback here as hype and euphoria dies down.
Additionally, you can see we’ve also reached RSI resistance exactly when we touch 48k. This is very significant. Watch closely over the next few days. It should be interesting.