While I'm still trading long term on the idea of the 2017 BTC fractal repeating itself, and so far it's holding up rather well, volatility and these violent moves down obviously present good short term trades to profit off of.
Longing support at ~10570 for various reasons.
4H 200MA RSI is currently acting as partial support for this dump.
.236 fib on the 13.8K -> 9.7K fib retracement is coinciding with 4H close
Price consolidation happened back in mid/late June, we're currently at the bottom of those 4H consolidation candles.
General RSI is extremely low across the board.
Risking a very small amount, and the entry wasn't rushed.
Could be a short trade from getting stopped out, but I feel like it's a decent risk reward.
If price bounces, will move stops up as we go, full exit ~11400
Longing support at ~10570 for various reasons.
4H 200MA RSI is currently acting as partial support for this dump.
.236 fib on the 13.8K -> 9.7K fib retracement is coinciding with 4H close
Price consolidation happened back in mid/late June, we're currently at the bottom of those 4H consolidation candles.
General RSI is extremely low across the board.
Risking a very small amount, and the entry wasn't rushed.
Could be a short trade from getting stopped out, but I feel like it's a decent risk reward.
If price bounces, will move stops up as we go, full exit ~11400
Comment:
Decided to increase my stop from 1% to 1.4%, don't want to get closed out from a panic wick
Trade closed: stop reached:
Closed it out on that last dump, not much support in this price range, if it retakes 10500 I'll watch and see how it reacts.
