I just returned from my trip and am feeling refreshed after seeing a concert and playing two rounds of golf! The golf was subpar but the music was awesome! I am also very happy to see Bitcoin bouncing after a strong pullback. Over the last couple days I was watching $9,000 - $9,200 as a potential area of support and expected the price to reverse from there.
I mentioned that it could provide a good entry for a long and suggested a stop loss in the area of $8,750 - $8,850. I was long from $8,100 and had my trailing stop set at $8,750. That trade has been stopped out in the green and now it is back to the drawing board.
In the meantime I am going to be staying on the sidelines awaiting further development. If not currently in a position I would recommend doing the same.
I am very, very happy to see us trading above $9,000 and viewed it as a very bad sign for the bulls when we failed to support it. The quick reversal back to the upside has me leaning tentatively bullish.
I need to see $9,000 backtested and turned into support before looking for another long entry. I expect the backtest to occur in the next 12-24 hours. If we can hold then it is time to get into a long! Although I expect a pullback in the next day, my overall position is neutral and I am not recommending a short!
Happy trading and go bulls!
I mentioned that it could provide a good entry for a long and suggested a stop loss in the area of $8,750 - $8,850. I was long from $8,100 and had my trailing stop set at $8,750. That trade has been stopped out in the green and now it is back to the drawing board.
In the meantime I am going to be staying on the sidelines awaiting further development. If not currently in a position I would recommend doing the same.
I am very, very happy to see us trading above $9,000 and viewed it as a very bad sign for the bulls when we failed to support it. The quick reversal back to the upside has me leaning tentatively bullish.
I need to see $9,000 backtested and turned into support before looking for another long entry. I expect the backtest to occur in the next 12-24 hours. If we can hold then it is time to get into a long! Although I expect a pullback in the next day, my overall position is neutral and I am not recommending a short!
Happy trading and go bulls!
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