Bitcoin - Within $200 of trend support
Updated
Bitcoin has had a nice run from the breakout near $7200 until now. A cluster of top markers (orange crosses) recently developed near the top. This is usually a sign that it's time to take a breather. I use them as a visual clue to either tighten my trailing stop or exit the trade. Right now BTC is still above the main trend support which is at $8879.28. If it moves below those levels then the current 4 hour trend is done.
If the trend does end, the overall move was still a relatively healthy trade. Based on the breakout price and where the initial stop was set, a 1% risk model would yield a net return of 4-5% to the bottom line. Best of luck!
*All ideas are for informational purposes only. They are never recommendations to buy or sell.*
If the trend does end, the overall move was still a relatively healthy trade. Based on the breakout price and where the initial stop was set, a 1% risk model would yield a net return of 4-5% to the bottom line. Best of luck!
*All ideas are for informational purposes only. They are never recommendations to buy or sell.*
Note
On the 4 hour chart, BTC closed below it's main trend support. We never know how deep and shallow a move can be, which is why you have to adhere to your trailing stops.
BTC provided a nice trend to capture a good return.
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