Price has respected the hourly trendline a 3rd time- Some cautious traders will take this entry long as they wait for a 3rd touch and watch for price action to take the trade - however, they mitigate their risk by not jumping in too early and sweating out 20%- 25% in the red. It's a good place to take a long from if you feel you have missed the boat.
Trade closed manually
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The hourly TL has been broken - the trade plan was not successful. You can't be right all the time!
As the price has turned down across the board if you have already bought back in @ around 10k would it be wise to take a little profit and wait to see where it goes?
ncx
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@maxskulls, imho, hard to say where it goes, but making profits is never a real mistake. there will be always new chances no matter in which direction we go.
gillianpatrice
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@ncx, We hit daily resistance - now I look at the longer time frames I can understand why we are seeing red. I think this candle will hit order flow on the daily and form a green doji making a HH then the one we have seen today - maybe breaking and closing above the daily resistance level.
gillianpatrice
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@maxskulls, Hi, yes good idea, however I have held BTC since July 2017 so I am happy with my returns.
afterforever
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@maxskulls, If you're in a trade, it's a good idea to keep an eye on it, so you can take profit when you think things may turn south. There was bearish divergence on 1h chart all day long. The real resistance is at 13k. It's never too late to jump back in if you think there's going to be break out above it.
BGnight
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Oops. Broke the trendline. Another guy pointed out the obvious ascending wedge that just broke.
ncx
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@BGnight, theres another potential trendline at around 11900 that didn't really form on the chart yet. plus 12k was a resistance level, lets see if can be a new support now. if it falls under 11500 or 11000 no more theoretical uptrend can be constructed and possibly will fall back to 10k very fast. in worst case could take weeks until it comes back to 12k