Daily is in a short term bullish trend for now and we have some resistance from earlier in the year on the log scale coming up around 8k. Expecting a retrace or consolidation due to the lower time frames, so I am looking to open a long position with avg entry around 7k. I have one long open from previous posts and have taken profit on that position along the way. This new position will reload that original long and bring the price up to the 7k avg I am expecting.
I have layered orders around the 7170-7280 area and larger orders between 6800-7000. Stop is marked. Profit target on 50% of long is downtrend near 8k.
This does not negate or conflict with my Short hedge day trade idea. These trades are based on different time frames.
Trades are my own. Provided for educational purposes only.
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Decided to be more aggressive with this position.
Partially filled on last drop, added more by orders to the same area. Will average up the buy in - up to - marked area, and have stops in place to stop in-profit/minimize loss. 25-50% close where marked. Decent R:R even if orders bring buy-in price up.
Buys still in the book near the previous resistance area as mentioned before.
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If BTC clears that resistance from the previous symmetrical triangle, Bearish OB, and Horizontal resistance, I have the most likely targets marked by horizontal resistance where there is volume correlation.
I have been supporting the price rise by adding to my long as mentioned above. I will be taking profit in the areas marked.
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First target from July 22nd post met. 6% + profit on that position if you followed. I collected profit on 10% of my position there. New targets post d above, stops in profit.
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Update:
First bullish breakout target hit. Took 14% of profit on position. Stops in profit. Refills on longs in order book.
Continued bullish targets still the same. Break of 8k will change sentiment and a close below 7750 would change market structure.
Strong resistances from symmetrical triangle now potentially support on log and linear scales.
Most interesting thing is the drop in open interest. This is a sign that longs are collecting profit here, and are less confident in a continued rise, for the moment at least. If price is rising and open interest in flat or declining it is often a sign of a rally weakening. Something to watch.
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I have closed this log position. I will reopen down to 8k and stop out below. This is my plan for collecting and securing profit on this position.