After getting stopped out of the previous long attempt on Bitcoin, I am giving it one more try.
Price made a lower low, and then quickly wicked up showing signs of absorption.
With clearly defined risk we can place a stop at the local low, targeting the range high @ $6527.5
If price can't manage to close the daily above the range equilibrium around $6450, I will most likely cut this position at that time and wait to reevaluate price action later this evening.
Price made a lower low, and then quickly wicked up showing signs of absorption.
With clearly defined risk we can place a stop at the local low, targeting the range high @ $6527.5
If price can't manage to close the daily above the range equilibrium around $6450, I will most likely cut this position at that time and wait to reevaluate price action later this evening.
Comment:
I will be looking to take some profit @ $6440 when that level is reached, leaving the rest of the position to ride until we reach our final target around $6500!
Trade active:
Bitcoin price action has been very underwhelming and just consolidating sideways, which allowed some of the altcoins to run in the meantime.
We managed to close the day over the critical range equilibrium, but there was a lack of follow-through on every up move.
Keeping a close eye on this for the next little while, may decide to manually close this out before getting stopped.
We managed to close the day over the critical range equilibrium, but there was a lack of follow-through on every up move.
Keeping a close eye on this for the next little while, may decide to manually close this out before getting stopped.
Trade closed: target reached:
BOOM! Another successful trade in the books!
Both TPs were hit.
I could see Bitcoin bouncing around $6450, but I will not be trying to go long there.
I'm hoping we can make another move up into the supply zone between $6500-$6600 where I will be looking to open a short position.
Posting a new chart soon.
Both TPs were hit.
I could see Bitcoin bouncing around $6450, but I will not be trying to go long there.
I'm hoping we can make another move up into the supply zone between $6500-$6600 where I will be looking to open a short position.
Posting a new chart soon.