Managing the Bitcoin trade:
No stop loss has hit by now, either in short-term or long-term trading (explained that in yesterday's post). We should have already closed part of our position by now, securing some profits. At the same time, it's a good idea to move the stop loss at least at the breakeven point, or just below the most recent pullback.
See that pullback? Bitcoin retraced to the previous , which was a significant round number (400). Again, I mentioned that in Wednesday's post.
The biggest reward was in short-term trading, given there wasn't a lower low before Bitcoin climbed to $440! If you went long at $400 and set a stop loss at $390 (breakout candlestick's low), your trade's risk/reward ratio was at least 3-1! Not bad, huh?