I will be looking to open a long position below $4,200. Target price is the range high (upper dashed line), with profit-taking levels at each quarter of the range. Stop level TBD.
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Started opening longs. Will update with a final entry price.
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Woah. Left my PC for a few minutes and came within a couple of dollars of being liquidated. Leaving my long position open for now (entry was below $4,000), and we will see how this progresses.
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BTC is finding support at the 0.25 level of the range it broke out from when the 2017 bull run began.
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BTC is now heading to the 3.5k support. If this support breaks it's a long way down.
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Took a 30% loss and closed my long position. Never leave a trade without a stop
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Aaaaaand if I'd held on another 6 minutes I'd have broken even.
I guess that's why they call it the path of maximum pain.
I guess that's why they call it the path of maximum pain.
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This is the point at which I should step away from the PC. I can't rely on myself to make rational trades but it's very difficult to lose that much money and know I could make it back in minutes by correctly timing a couple of high leverage trades.
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Interestingly I've made 2 only buy calls on BTC since I started charting. Both times bitcoin made new yearly lows immediately afterward.