Last Saturday, I said that 10,000 for BTCUSD shouldn't be the focus, but instead to focus on the slower trailing stop 8,200 just in case Bitcoin took a breather. Well, BTC has continued to climb and has now put in a cluster of orange crosses over the last several days.
These orange crosses are designed to highlight when a stock, crypto, oil or any other trading vehicle are likely to rest or completely change trend direction.
It's now time to tighten the trailing stop to the pink dotted line which is now above 10,000 to protect profits, especially if BTC decides to change directions soon! There could still be several more days of run left in the tank and that's perfectly fine because the trailing stop will continue to move higher with price. Once BTC turns south, profits can be locked in and money can be set to the side while BTC consolidates and resets its technical pattern.
Successful trading requires discipline, risk management and a repeatable process. It doesn't matter if you're trading Apple, Oil or BTC. Pricing patterns always repeat. I'll continue to update BTCUSD as the trend progresses.
Best of Luck,
Chris
These orange crosses are designed to highlight when a stock, crypto, oil or any other trading vehicle are likely to rest or completely change trend direction.
It's now time to tighten the trailing stop to the pink dotted line which is now above 10,000 to protect profits, especially if BTC decides to change directions soon! There could still be several more days of run left in the tank and that's perfectly fine because the trailing stop will continue to move higher with price. Once BTC turns south, profits can be locked in and money can be set to the side while BTC consolidates and resets its technical pattern.
Successful trading requires discipline, risk management and a repeatable process. It doesn't matter if you're trading Apple, Oil or BTC. Pricing patterns always repeat. I'll continue to update BTCUSD as the trend progresses.
Best of Luck,
Chris
