BTC - 4hr (short term profit taking)
My short -term play.
Entry price: $3,713
Resistance: 618 Fib at $3,925
Support: 382 Fib at $3,625
Stop: $3,850 (moved this up from break even).
Trade setup: I moved up my stop from break-even. As expected and what I've been saying for awhile now is that the 618 Fib extension from December low is going to be a huge resistance area for Bitcoin. It failed the 618 extension in every bull rally in 2018. I'm moving my stop up because I'm taking some risk off the table and would rather book some profits while we are in a severe downtrend on the PSAR. Yes there are positive momentum signal on the weekly stochastic, rsi as well as monthly. But from a trade setup I need to record some gains.
Good luck and always trade with protection!
Bobby
Entry price: $3,713
Resistance: 618 Fib at $3,925
Support: 382 Fib at $3,625
Stop: $3,850 (moved this up from break even).
Trade setup: I moved up my stop from break-even. As expected and what I've been saying for awhile now is that the 618 Fib extension from December low is going to be a huge resistance area for Bitcoin. It failed the 618 extension in every bull rally in 2018. I'm moving my stop up because I'm taking some risk off the table and would rather book some profits while we are in a severe downtrend on the PSAR. Yes there are positive momentum signal on the weekly stochastic, rsi as well as monthly. But from a trade setup I need to record some gains.
Good luck and always trade with protection!
Bobby
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