$227 Resistance Breakout Zone

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
247 7
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.
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! :-)
BTCcoinsultant Cryptoelite
p.s. if we don't break $237 resistance by morning, I may scale out some of my position.
Cryptoelite BTCcoinsultant
Hi, nice to read we are on similar path - this is my shorter term tgt
Cryptoelite Cryptoelite
Longer term I have $260 (50%) level and 280 (OTE SS) in my sights
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.
BTCcoinsultant Cryptoelite
Nice, ya it looks like we're on the same page. ;-)
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out