Bitcoin fake out to the downside. Asleep for upside breakout.
Well, the break to the low side was a fake out of the wedge pattern.
Dragging stops is important after a breakout. A good breakout with momentum will not return for days.
The confirmation of the second low on the wedge pattern was questionable. It didn't quite meet my criteria but I went with it.
Price dropped and soon returned back towards the lower trend line. This was a warning that the break really lacked momentum.
Of course I was asleep when price rocketed straight through the pattern to the upside. Not a massive move so far.
Well, on to the next. Can't win them all. Perhaps I should wait for the perfect pattern to trade.
I'll keep you posted on what I see developing over the next few day.
Dragging stops is important after a breakout. A good breakout with momentum will not return for days.
The confirmation of the second low on the wedge pattern was questionable. It didn't quite meet my criteria but I went with it.
Price dropped and soon returned back towards the lower trend line. This was a warning that the break really lacked momentum.
Of course I was asleep when price rocketed straight through the pattern to the upside. Not a massive move so far.
Well, on to the next. Can't win them all. Perhaps I should wait for the perfect pattern to trade.
I'll keep you posted on what I see developing over the next few day.
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