Welcome back bulls. Yesterdays chart I spoke about watching the tightening pattern as BTC
was in an equilibrium. I had personally entered an LTC position recognizing using the lows as a stop loss gave me a risk of less than 1% on my position and was hopeful for a 4-5% ideally on a bull break up. We got that and then some with LTC as BTC
broke out bullish
. We wanted to see volume
and the big green candlestick
and bulls have given us that. Bulls broke through all 3 of the prior resistance levels I had laid out yesterday (3657, 3667 and 3711) and topped out currently at $3766 for this move. % wise for BTC
nothing crazy but bulls comfortably in a position, some brief consolidation today and another leg up allows for all the bulls to safely stay in position if they choose without risking a loss on the trade. For me personally, I was sleeping when the move happened so did not exit any of my LTC trade which at its peak ($33.15) was about a 10% move for my personal trade. I've moved my SL up now just to guarantee a positive trade in case bulls do not give continuation. Otherwise, I'll comfortably wait and see if we get continuation today or by tomorrow for our next leg up and can ride stop losses up higher as bulls establish higher lows or scale out of some position as the bulls run. Overall a pretty straight forward setup from yesterday we were watching and expecting LTC to give the better % gains. For BTC
, $3580 is our higher low to currently hold and ideally want to see bulls go nowhere near there before they get another leg up. They need to start building the higher lows and higher highs now and stair step back up for this to give some more significant momentum to the bulls. EMAs on 4 hour also gave us a bull cross for first time in about 2 weeks so hopefully the bulls can maintain that. Good luck with those trading, bulls still have a lot of work to do to prove themselves but happy the charts continue to give safe trades even in this market.
Just My 2 Sats!