JimMakos
Long

Bitcoin testing $450. Was that a breakout at $400? Yes, it was!

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
476 4 3
Hate to say I told you so, but this is my brief analysis of the hourly Bitcoin chart that I shared with you yesterday:

https://plus.google.com/u/0/104941013638539474491/posts/awWfzdqwgKt

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 resistance level, 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?
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