BitcoinUpdated Bitcoin Daily - Possible Game Plan
Bitcoin says good morning with a small pump!
As I have said in yesterday post, I had the plan to open ou small long position. Fortunately it worked out around 7300-7325 for me. Still I am a bit furious about myself, I could have also place some action around 7250.
Anyway I wasn't expecting a price increase this soon. There is still huge resistance at 7550-7600 and I still don't think it will be broken with such weak momentum.
As long as we stay above 7200, it looks promising in the short term. I believe it is too soon to claim it is suitable to go long with full power. Price can reach a higher high today, but the real action will take on June in my point of view.
So my strategy for today:
I took some profit from 7500, but I will keep my long position. I will increase it step by step if the price falls. 7350-7250 range I have spreaded some long orders. However, It may not even give any drop signal, I will reevaluate this during lunch time.
I wish you all a profitable day.
Cheers!
As I have said in yesterday post, I had the plan to open ou small long position. Fortunately it worked out around 7300-7325 for me. Still I am a bit furious about myself, I could have also place some action around 7250.
Anyway I wasn't expecting a price increase this soon. There is still huge resistance at 7550-7600 and I still don't think it will be broken with such weak momentum.
As long as we stay above 7200, it looks promising in the short term. I believe it is too soon to claim it is suitable to go long with full power. Price can reach a higher high today, but the real action will take on June in my point of view.
So my strategy for today:
I took some profit from 7500, but I will keep my long position. I will increase it step by step if the price falls. 7350-7250 range I have spreaded some long orders. However, It may not even give any drop signal, I will reevaluate this during lunch time.
I wish you all a profitable day.
Cheers!
Note
I have closed my long position completely at 7575. I will wait for a while at the sideline.Note
When I look at the 30min time frame and zoom out a bit, this is a rising wedge formation meaning the price will drop from the support line. My strategy is to go long and this time I will keep my position until 8000. I have spreaded my long orders between 8300-8400 and waiting for price to drop.
I am not opening short position from here, but you may take the risk if you like.
Cheers!
Note
Here is the chart:
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