Weak Bounce, Stronger Fall?
Bitcoin did react today in my pink buy zone and when it reached that point I purchased an alt coin for a swing trade. I paid more attention to bitcoin than the coin I was actually in however.
The goal was to get up to the blue line which represented the last 4-hr zone which I believed would act as resistance. Unfortunately btc failed long before it reached my profit-taking target.
I wound up taking profit and exiting the trade at the purple line, after noticing btc trying to make a small flag which started failing. Sure enough after I exited there was a strong impulse downward.
This trade was a bit confusing because of several bullish candlesticks painted on the hourly. It seemed like we would have enough juice to reach my target, but I've gotten burned in too many trades for holding too long. Glad I sold and locked in a 3% profit on my alt coin today. 🪙
The goal was to get up to the blue line which represented the last 4-hr zone which I believed would act as resistance. Unfortunately btc failed long before it reached my profit-taking target.
I wound up taking profit and exiting the trade at the purple line, after noticing btc trying to make a small flag which started failing. Sure enough after I exited there was a strong impulse downward.
This trade was a bit confusing because of several bullish candlesticks painted on the hourly. It seemed like we would have enough juice to reach my target, but I've gotten burned in too many trades for holding too long. Glad I sold and locked in a 3% profit on my alt coin today. 🪙
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