Why you still need to take profits in Bitcoin

Following long happy trends where everyone enjoys easy gains often follows hard consolidations where lacking discipline will cause traders to burn capital. That does not mean traders have to fully ignore the market during consolidations. The wise way to approach them is to be dispassionate and take opportunities with structured risk and target levels.

This is a followup to my Friday Livestream where I acknowledged my bearish sentiment in BTCUSD had me miss a key Resistance turned Support which also setup a volatility spike trade on the 30m timeframe right at said level. Price held the Major Retracement level to achieve a 3-to-1 reward/risk trade. At which point a wise trader could have cut their position and left on a remaining long position to allow for a bullish continuation. Price came back to entry following the profit level which would have put the trade in peril... but since profit was taken even a loss of the remainder would still yield an overall net positive trade. The trader would not have needed to move their stop from the initial level to maintain the position for today's pump.

Be mindful that the recent highs are still not broken and Bitcoin continues to trade within this range. Trade wisely!