Long

BTC, trading the retest of broken support

By Nathan_the_Wise

Updated

Plain and simple.

Trade active

Price has entered buying zone. Opened first long at 4895, SL 4350, TP 6000. Pending orders at 4800, 4700, 4550.

Note

Two more orders got filled. 4800, 4700. 4550 remains.

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SL moved down a little to 4230.

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No time to update this one yesterday and unfortunately no time to trade either. This one didn't really go as planned, got stopped out on two entries. Entry at 4550 remains. SL set to 4200.

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I like the PA on shorter time frames. Might double-down on the position if we go above 4600 in the next couple of hours.

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I am not completely comfortable sitting in the position as is. (Was checking the price way too often throughout the day.) I believe that a scare candle down towards 4100 or even slightly below is still very possible. I'd really like to move the SL below 4000, so I'll sell half of it at a slight loss, put in another limit buy order at 4100 and move the SL to 3950.

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Here's yet another reason to be (carefully) bullish at the current price:

This is a psychological level for Asian traders and I don't think price can break below it easily.

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Let's see if this just was the scare move down or the start of a real breakdown. If it is the later, it will need follow through. My bet is on the former (for now).

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The market is sure as hell trying to shake out the weak hands. Order at 4100 got hit. Here's the final setup:

Not a great position, but one I can sleep in. I am no longer going to mess with this trade. I'm either going to make some money or lose some. (I may still decide to add to it should we make it back above 4600 though.)

Trade closed: stop reached

Nathan_the_Wise

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