MY BITCOIN BUY IS IN PROFIT! I hope you followed my signalCONGRATS if you bought BTC at my entry point! If you didn't, well there will always be more opportunities, and I'll alert you to them in advance. When I posted this idea, I was hoping for a nice clean breakout.
But of course what actually took place was a rather hesitant, uncertain breakout. I actually decided to buy BTCUSD in between the blue line and the pink line, as the initial breakout felt strong enough to be worth getting into a little bit early.
Within 24 hours, the breakout was reversing way below the blue line and I sold out quickly. But I was ready for a second attempt, again in between the blue and pink lines. I'm now well into profit, but the slow, hesitant nature of this breakout worries me. I will not allow it too much room to breathe and will exit if the price falls much below 5900 again.
As I said in my original post, the broadening triangle pattern is not a particularly reliable breakout pattern. Horizontal lines are usually more reliable than sloping ones, and triangles that widen instead of shrinking are generally less reliable too. These are some of the reasons why I'm keeping my stop-loss level nice and tight.
