Yesterday I said that I did not expect this trading range to hold for another 24 hours. Less than 30 minutes after posting that chart the price started pulling back. However it quickly found support at $7,480 and created another higher low.
That had me reconsidering my short position on Ethereum. I moved my stop loss to slightly above the last high ($617.76). If Bitcoin creates a new high above $7,750 then I fully expect to be stopped out.
At this point it is starting to feel like we are going to retest the top end of the triangle, however I still feel like it is too early to close out the position. I feel much better about a tight stop loss.
@PeterLBrandt posted a chart yesterday evening with a price target of $14,855 for Bitcoin. When he shares a chart I pay close attention! I will have to cut this post a little short as I am getting ready to leave for sunny Las Vegas to play in the WSOP!
Wish me luck by smashing the like and follow button!
That had me reconsidering my short position on Ethereum. I moved my stop loss to slightly above the last high ($617.76). If Bitcoin creates a new high above $7,750 then I fully expect to be stopped out.
At this point it is starting to feel like we are going to retest the top end of the triangle, however I still feel like it is too early to close out the position. I feel much better about a tight stop loss.
@PeterLBrandt posted a chart yesterday evening with a price target of $14,855 for Bitcoin. When he shares a chart I pay close attention! I will have to cut this post a little short as I am getting ready to leave for sunny Las Vegas to play in the WSOP!
Wish me luck by smashing the like and follow button!
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