BTCcoinsultant

$227 Resistance Breakout Zone

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
246 7 5
Bitcoin             prices are trending upwards with higher lows and healthy retracement. $216 was our bottom after the dump which is higher than the previous $210 levels. Prices showed strong support at $219 on 4 separate occasions. $227 is a key area of resistance and a breakout could move prices back up into the $230's.
Hi BTCcoinsultant, thanks for the chart. I'm sure you saw there was an epic squeeze before this rally, your timing was perfect. I guess the question now is for the trader where to take profits and how to manage downside. I have my own plan, but I'd be keen to hear you thoughts. I think we are long from the same area roughly 220?

PS. I think your fibs are upside down.
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BTCcoinsultant Cryptoelite
Hi Skuffone, great question indeed. It's one thing knowing when to get into a trade and sometimes more challenging to know when to get out. The move up appears to have some strong momentum. I have $249 area as a soft target to assess the situation. If prices consolidate I may cash some out but I don't want to cut my profits short if this takes off like the $300 run. I'll assess at each fib level on a 12 hour chart and may cash some out at each level to buy back in on the pull backs. Let's see what kind of strength the market has tomorrow morning. Yes, I did go long at $219 and I scaled in some more the instant we broke $227. What's your plan on cashing out?

Thanks for the heads up on the fib retracements, this chart was made pre-coffee in the am. lol. Good luck! :-)
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BTCcoinsultant Cryptoelite
p.s. if we don't break $237 resistance by morning, I may scale out some of my position.
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Cryptoelite BTCcoinsultant
Hi, nice to read we are on similar path - this is my shorter term tgt
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Cryptoelite Cryptoelite
Longer term I have $260 (50%) level and 280 (OTE SS) in my sights
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Cryptoelite Cryptoelite
One thing I am looking forward to being better at by following you is scaling in (and out), and taking profits with the intention of looking for re-entry to ride a big wave and maximize profits while maintaining risk management. Catch up soon.
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BTCcoinsultant Cryptoelite
Nice, ya it looks like we're on the same page. ;-)
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