BTC Update! Oh these poor bulls!
And here we go again, bulls back to struggling. This is what I was warning of over the weekend. Just because we saw a short term bottom and nice rally for 1-2 days does not clear the bulls of anything. Shorts are piling back up and BTC is falling back down. Same reason I still took partial profits on my last trade just over 
4K and then had a stop loss based off the 4 hour higher low they had set. I got stopped out for remainder of position so overall the trade was barely profitable but I am now sitting comfortably in cash and will wait for another favorable/low risk setup.
Those trading on shorter term time frames had a much earlier exit point and I considered joining that same spot but thought I'd give these bulls a chance!
If you looked at the hourly chart, you would have seen the trend change from higher lows and higher highs to a lower high and then the lower low (this would have utilized a stop loss of $3892). So as always, everything is relevant to your time frame you personally trade. I have used the 4 hour chart for about 2 years now for crypto with great success but always keep my eye on 15 min, hourly, 12 hour, and daily charts as well. Let's see if these bulls can hold the low of $3457 and thus far they did with a low today of $3508 and had a very nice and tradeable bounce off of it but are right back down under $3600 as I type this.
Continue to protect that capital tho as eventually the market will bottom and the bulls will maintain higher lows and higher highs for a lengthy time but until then, its scalp profits/protect capital for myself personally.
Just My 2 Sats!
4K and then had a stop loss based off the 4 hour higher low they had set. I got stopped out for remainder of position so overall the trade was barely profitable but I am now sitting comfortably in cash and will wait for another favorable/low risk setup. Those trading on shorter term time frames had a much earlier exit point and I considered joining that same spot but thought I'd give these bulls a chance!
If you looked at the hourly chart, you would have seen the trend change from higher lows and higher highs to a lower high and then the lower low (this would have utilized a stop loss of $3892). So as always, everything is relevant to your time frame you personally trade. I have used the 4 hour chart for about 2 years now for crypto with great success but always keep my eye on 15 min, hourly, 12 hour, and daily charts as well. Let's see if these bulls can hold the low of $3457 and thus far they did with a low today of $3508 and had a very nice and tradeable bounce off of it but are right back down under $3600 as I type this.
Continue to protect that capital tho as eventually the market will bottom and the bulls will maintain higher lows and higher highs for a lengthy time but until then, its scalp profits/protect capital for myself personally.
Just My 2 Sats!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.