BTCcoinsultant

$227 Resistance Breakout Zone

BITFINEX:BTCUSD   Bitcoin / 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.
Reply
BTCcoinsultant Cryptoelite
2 years ago
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! :-)
Reply
BTCcoinsultant Cryptoelite
2 years ago
p.s. if we don't break $237 resistance by morning, I may scale out some of my position.
Reply
Cryptoelite PRO BTCcoinsultant
2 years ago
Hi, nice to read we are on similar path - this is my shorter term tgt
snapshot
Reply
Cryptoelite PRO Cryptoelite
2 years ago
Longer term I have $260 (50%) level and 280 (OTE SS) in my sights
snapshot
Reply
Cryptoelite PRO Cryptoelite
2 years ago
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.
Reply
BTCcoinsultant Cryptoelite
2 years ago
Nice, ya it looks like we're on the same page. ;-)
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out