On 3/2 I drew the last arrow from $11,000 to $11,750. Unfortunately we came up just short with $11,676 being the local top. Within 6 hours the price fell all the way back to the original entry of $11,000. This illustrates why it is so important to actively manage your trades.
Buying Bitcoin before it goes up is the easiest part of trading!
The trailing stop was set at $11,375 because that was just below support. If that fell it was highly likely we were coming back further. Always happy when capitalizing on profit, but it sure would have been sweet to nail the top. The price pullback hard and fast last night. I liked the doji’s forming at $11,275 ‘support’ and was very happy about maxing out my position. I was very confident that pullback was simply the ‘shakeout before the breakout’. These last few days have seen significantly more margin trading than spot trading. I was expected a long squeeze before liftoff.
Since the price got so close to the resistance of $11,750 on the previous run, I expected us to blast through it on the following pump. The target was set at $12,500. To my dismay the stop loss was triggered shortly thereafter. Right now we appear to be building support off of the 200 day SMA and above the prior $10,750 support cluster. I drew a dotted blue line which I am watching closely for new trend support.
I also still believe my original theory about the long squeeze could be in play and I am building another position between $10,800 - $10,900. Stop loss is set at $10,740 and profit target is tentatively set at $12,500. There is a possibility I will decide to take profit early if I don’t see enough volume on the breakout.
One last thing I will be watching if for us to break the top end of the bear channel broke on both log and linear charts. If that doesn't break this week then we could be looking at a long term bear trend.
Happy trading and remember that following is free!
Buying Bitcoin before it goes up is the easiest part of trading!
The trailing stop was set at $11,375 because that was just below support. If that fell it was highly likely we were coming back further. Always happy when capitalizing on profit, but it sure would have been sweet to nail the top. The price pullback hard and fast last night. I liked the doji’s forming at $11,275 ‘support’ and was very happy about maxing out my position. I was very confident that pullback was simply the ‘shakeout before the breakout’. These last few days have seen significantly more margin trading than spot trading. I was expected a long squeeze before liftoff.
Since the price got so close to the resistance of $11,750 on the previous run, I expected us to blast through it on the following pump. The target was set at $12,500. To my dismay the stop loss was triggered shortly thereafter. Right now we appear to be building support off of the 200 day SMA and above the prior $10,750 support cluster. I drew a dotted blue line which I am watching closely for new trend support.
I also still believe my original theory about the long squeeze could be in play and I am building another position between $10,800 - $10,900. Stop loss is set at $10,740 and profit target is tentatively set at $12,500. There is a possibility I will decide to take profit early if I don’t see enough volume on the breakout.
One last thing I will be watching if for us to break the top end of the bear channel broke on both log and linear charts. If that doesn't break this week then we could be looking at a long term bear trend.
Happy trading and remember that following is free!
Comment:
I made a mistake. The stop loss is set just under $10,250 for this trade.
emasar Indicator is available for purchase at alphanalysis.io/product/emasar/