Well down she goes. Jumping off chart from the other day. I had stated I was happily in as much of a BTC position as I personally cared to be in. I would be utilizing the $6492 level as my stop loss for majority of position and then had another down at low $6400's. This was just to protect my capital and give for less than a 1% loss from my average entry and recognizing where supports were. Once those supports start caving, we can quickly see the avalanche of stops triggering. I first got stopped out overnight and then remainder at the start of this current avalanche. This saved me greatly from losing a lot more capital and now I patiently wait to see what occurs. I'm perfectly content scalping 2-5% winners and giving back 0-1% on the losers during this type of market. In the end, my goal is to have more money but above all, protect my capital. I do not care to risk a large percentage in an overall bear market with some hodl mentality. It just makes zero financial sense to myself. I would expect some bounce to play out soon and bulls are trying as 4 hour and below are extremely oversold on the RSI. But personally want to see some higher lows and higher highs on 4 hour time frame before I look to re-enter unless we do fall below $6k then I may bottom fish some positions for a nice bounce opportunity.
In this chart I have faded the prior green support lines just to show all the support lines I've had on my charts as key areas to watch for Stops to trigger and as we saw, everything caved quickly, giving that avalanche. Our low of this drop is $6033 so $6k bulls are continuing to defend the psychological level but bears continue to apply pressure. Generally the more times we slam towards a level, it eventually cracks and caves.
As stated last chart, I will also be out of town so am off to bed with early flight in morning. Currently all cash with no real interest until the market settles down a bit. These quick moves can be profitable if you have the patience and timing to quickly move in and out of positions but just don't have the time right now personally. Happy trading and may try and get another chart posting on Friday if I find some time.
Just My 2 Sats!
In this chart I have faded the prior green support lines just to show all the support lines I've had on my charts as key areas to watch for Stops to trigger and as we saw, everything caved quickly, giving that avalanche. Our low of this drop is $6033 so $6k bulls are continuing to defend the psychological level but bears continue to apply pressure. Generally the more times we slam towards a level, it eventually cracks and caves.
As stated last chart, I will also be out of town so am off to bed with early flight in morning. Currently all cash with no real interest until the market settles down a bit. These quick moves can be profitable if you have the patience and timing to quickly move in and out of positions but just don't have the time right now personally. Happy trading and may try and get another chart posting on Friday if I find some time.
Just My 2 Sats!
