BitcoinLong
Consider Taking Profits
Updated
Been a while since I posted my thoughts but I am in the midst of a trade that's finally going my way. I've been long now for quite some time and back in the profit, trying to time my exit.
The reason I'm in this trade is because of the recently hit TD Sequential 9 on the Weekly Chart.
I am noticing that on lower time frames we are seeing an exchausted TD Sequential 9 on both Hourly and 4-Hour charts (by 8am tomorrow EST)
Hourly Chart
4 Hour Chart
Here on the Daily you can visibly see the Fibonacci resistance we'll meet next. Assuming we break through that we are free to go higher, but given the exhaustion from previous lower time frames and this resistance closing in, I'm assuming we are not going to break through.
Daily Chart
Given that I'm considering taking money off the table in the morning, but playing a stop loss around $8200 in the event we do see it break through tonight. Worst case I'm out at $8200 and made some money.
There are some other exhaustion factors in play: Bollinger Bands on most time frames show us well above 2 standard deviations from the mean, and all moving averages are below our current price.
The reason I'm in this trade is because of the recently hit TD Sequential 9 on the Weekly Chart.
I am noticing that on lower time frames we are seeing an exchausted TD Sequential 9 on both Hourly and 4-Hour charts (by 8am tomorrow EST)
Hourly Chart
4 Hour Chart
Here on the Daily you can visibly see the Fibonacci resistance we'll meet next. Assuming we break through that we are free to go higher, but given the exhaustion from previous lower time frames and this resistance closing in, I'm assuming we are not going to break through.
Daily Chart
Given that I'm considering taking money off the table in the morning, but playing a stop loss around $8200 in the event we do see it break through tonight. Worst case I'm out at $8200 and made some money.
There are some other exhaustion factors in play: Bollinger Bands on most time frames show us well above 2 standard deviations from the mean, and all moving averages are below our current price.
Trade closed: stop reached
Looks like the SL I had set last night at 8225 was hit and even if I had set what I was thinking was my more conservative SL of 8195 I'd have still gotten stopped out. I'm now sitting back on a pile of fiat for trading in other opportunities and a small profit as I had been long quite some time. I'm going to wait for a better trade entry or confirmation of the bull run.
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