BTC:USD 4 hour chart DAILY UPDATE (Day 78)
Yesterday I was concerned about upcoming resistance at $8,600 - $8,800 and I was keeping a very tight stop loss on my long. I got out at $8,569 right as the price was falling through support. There was decent volume behind the selloff and when I went to bed I was expecting to wake up to sub $8,000 Bitcoin.
To my surprise we found support for a second time at $8,200 and reversed even more sharply that we fell. That was one hell of a long squeeze and unfortunately I got caught in it. However, the risk was managed properly and I barely lost anything on the deal.
I am happy to lose small so that I can win big.
As it stands right now I am viewing $8,800 - $9,200 as a no trade zone. If not in a position I would advise against going long right now. $8,800 is strong resistance and there will be a much better entry in the coming days.
Happy trading and remember that following is free!
To my surprise we found support for a second time at $8,200 and reversed even more sharply that we fell. That was one hell of a long squeeze and unfortunately I got caught in it. However, the risk was managed properly and I barely lost anything on the deal.
I am happy to lose small so that I can win big.
As it stands right now I am viewing $8,800 - $9,200 as a no trade zone. If not in a position I would advise against going long right now. $8,800 is strong resistance and there will be a much better entry in the coming days.
Happy trading and remember that following is free!
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