My2Sats

BTC Update! Bulls make the break! Can they see continuation?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar

Welcome back bulls. Fantastic day yesterday for the bulls and will go into details on my personal trades shortly.
Last chart I was hopeful $3567 would be the higher low for the bulls as it was an extremely healthy spot for one. Anyone playing Fibonacci lines, this also landed on a Fib line. Bulls saw a nice 11% move fairly quickly yesterday to get them up to $3972. This of course is a lower high compared to our prior high at $4239. Watching to see if bulls can consolidate here and get their next leg up. $3840 is the low BTC just fell to so will see if that holds or do the bears take back control and start pushing price back down lower? Bulls got back above the EMA resistance and saw the EMAs cross over bullishly but they need to hold these as support in my opinion. EMAs will catch back up to price action this weekend so same as always, watching for red flags of loss of support, lower highs and lower lows on hourly and 4 hour charts, spikes in bear volume along 15 min to hourly time frames.

Personal trade. ETH! Yes, I played ETH over BTC simply for higher % returns and I happened to be sitting at computer well before the bull break took off and it was a low risk entry. I was watching on smaller time frames shortly after last chart post on Thursday and decided to go ahead and take a partial position on ETH and utilize the low of $112.26 as a stop loss. This gave me an average entry at $114.53 from my couple of buys and allowed for stop loss less than 2% away.
What happened next was certainly not expected with such a strong bounce. But I held position overnight Thursday and then Friday morning we saw the bulls take off. I was not at a computer at the time of the bull break which in hindsight was a positive as it kept me in position far longer to see more profits. I finally exited partial position at $138 for a 20% gain and then just got stopped out in the $132's for remainder of position this morning for 15-16% gain. This does put me back to all cash from the ETH trade and I'm perfectly happy with it since it was a significant bull move. I typically do not take on a trade in this scenario where I am somewhat fishing for a bottom but after watching ETH dump so much from its high 3 days prior (about 30% fall) and recognizing BTC was at a nice spot as well to see its bounce start, decided to take on the entry and recognized I could easily get stopped out but would only be a 2% loss.
In addition to ETH, I did make a small alt coin trade on ONT over on Binance and have profit taken about 25% and riding a stop loss on remainder which surprisingly was not stopped out yet so will let the remainder ride with that. Won't go into detail here on it but sitting on a nice 10% move or so currently.

I am off to enjoy football games today so likely away from any trading for the weekend unless we see some very low risk entries which currently I am not expecting and more hopeful we see a slow and sideways weekend.

Just My 2 Sats!
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