In our previous update we saw some things that were hinting at a potential drop. We took some profits and were ready for either direction. Price decided to move upwards and we front ran our $48,000 retest and add-on mark by $180. It's still possible we come down and tap $48k but as of now we've decided to not count pennys and just bought back 25% of our position at current market price. We are now consolidating on top of the previous range high. Since we originally planned to have our first take profit mark at $53k but have already taken 50% of our profits in our last update, we will be holding this position till $67,000 (our original TP2) will look to add another 25% once further PA plays out. Our average entry has moved up and SL placed below a previous D1 supply (Check chart).
Also for fresh longs, this current area wouldn't be a bad spot to enter imo, with a 5% SL placed below the previous range low and a target of $67k would make for a 7.5R trade. Not bad ;)
Also for fresh longs, this current area wouldn't be a bad spot to enter imo, with a 5% SL placed below the previous range low and a target of $67k would make for a 7.5R trade. Not bad ;)
