Long

SHIB bouncing off a support zone

By price_surfer

Updated

SHIB bouncing off a support zone. Looking to build a position with a stop below that zone.

Note

First entry didn't work

-1%

Note

Price has dropped down to the support zone.

Unfortunately SHIB hasn't been rallying with the other cryptos today.

My bias remains bullish long-term as long as the support zone continues to hold. Short-term I'm neutral. SHIB may consolidate here for a while.

Using my capital on other coins for now as ETH, BNB, DOT, FTM, AVAX, KDA all looking much more bullish

Happy to buy if I can get a 1:3 or better to the closest high

A break of the recent lower highs makes me more bullish in the short-term

Trade closed: stop reached

Price has broken below the support level.

I am no longer looking to buy.

Total return -1% on 1 attempt to go long

Note

This has become a great demonstration of why I must follow good risk management.

A blind buy and hold approach would have resulted in a 40% loss of equity

Using proper risk management my overall loss was 1% of my account

price_surfer

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