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

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
477 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:


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?
just a small correction.....$400 resistance was steel
JimMakos capoeira
So, you think it will come back down again, below $400? Is that a fake breakout? Even after the confirmation of the pullback?
capoeira JimMakos
ooooh sorry, thought you where actually saying it will go down...lol......no, we have an uptrend on 15min allready....this journey goes on
JimMakos capoeira
No worries. It just sounded strange to comment about a "correction" and disagreeing with the chart! Happy trading.
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