BTC Update! Consolidation incoming?
Very strong move by the bulls the last few days. BTC has been riding nicely in the 4 hour chart with overall a steady climb up. This is allowing for multiple support levels and few resistance levels. Key levels I am watching are $5353 (top of this move) and $5315 (lower high formed yesterday on 4 hour chart) for resistance. Supports are plenty. Bulls would love to keep $5145 from this morning or $5132 from yesterday as support to keep the uptrend going here. Personally I am having my doubts here as the chart is due for a pullback sooner rather than later in my opinion. Below those supports we have $5051, $4925 and my key support level for anyone playing longer positions is down at $4778 where we have close to a double bottom previously.
I have been in a LTC position for a couple weeks now so definitely a long swing trade for myself and have now scaled out 50% of the position to lock in profits. If bulls can get another leg up, I'll continue to scale out. Otherwise have my alerts set to place stop losses if the bulls cannot show up again. Overall trade has been my best one in probably a year+ in the crypto space so while its really nice to see this move, markets do not go straight up and I will continue to scale into positions as well as scale out to lock in profits. There are scenarios where I will begin to hold positions as well but am not there yet on this move personally. Here's to hoping the bulls can continue this rally and BTC can make its push up towards 6k but as always, protect that capital, lock in profits and don't be ashamed in doing so is my personal game plan.
Just My 2 Sats!
I have been in a LTC position for a couple weeks now so definitely a long swing trade for myself and have now scaled out 50% of the position to lock in profits. If bulls can get another leg up, I'll continue to scale out. Otherwise have my alerts set to place stop losses if the bulls cannot show up again. Overall trade has been my best one in probably a year+ in the crypto space so while its really nice to see this move, markets do not go straight up and I will continue to scale into positions as well as scale out to lock in profits. There are scenarios where I will begin to hold positions as well but am not there yet on this move personally. Here's to hoping the bulls can continue this rally and BTC can make its push up towards 6k but as always, protect that capital, lock in profits and don't be ashamed in doing so is my personal game plan.
Just My 2 Sats!
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