Bitcoin: Better Price, But Needs To Meet Criteria For New Long.
We managed to avoid the fake out off the 12K resistance and removed our limit order that we had sent out in the mid 11Ks in case the bearish momentum off the high followed through. Yesterday's bullish candle close suggests selling is very limited and that price is likely to find a support above the 11K area.
IF this new higher low stays intact, Bitcoin may have enough short interest to squeeze through the 12,300 resistance boundary over the next week. Since the broader trend is CLEARLY bullish, we are willing to take this trade, even though the location is less than ideal.
We don't react, we follow a specific set of rules which govern how we enter, exit and set targets. At this point, a reasonable entry is around the 11,750 area and we will use a stop order to enter. This helps to reduce getting caught in noise and also further removes us from the process. What about the stop loss order and targets? Those are determined at the time the idea is shared and sent privately. We do not enter a market just because "it looks good", it needs to meet the criteria.
IF this new higher low stays intact, Bitcoin may have enough short interest to squeeze through the 12,300 resistance boundary over the next week. Since the broader trend is CLEARLY bullish, we are willing to take this trade, even though the location is less than ideal.
We don't react, we follow a specific set of rules which govern how we enter, exit and set targets. At this point, a reasonable entry is around the 11,750 area and we will use a stop order to enter. This helps to reduce getting caught in noise and also further removes us from the process. What about the stop loss order and targets? Those are determined at the time the idea is shared and sent privately. We do not enter a market just because "it looks good", it needs to meet the criteria.
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