Sorry for lack of updates lately. But here goes.
Last chart I had personally taken 50% of my profits from this most recent trade entry around $9700 and then ended up getting stopped out in the $10,400's and again around $10,250 a couple days ago.
From there I have just been patiently waiting. The trade was a fairly profitable one and now waiting for another setup. Bulls never made it to top of range I was eyeing unfortunately but that is also why we utilize stop losses to protect our profits or worst case to limit any losses.
Bulls have been trying to defend $10k for several hours now and had one pop up towards $10.3k which was quickly knocked back down by the bears. This lack of follow through does have me leaning towards further downside approaching. I am personally seeking entries under $9900 and will set up my buys to layer in down towards $9300. $9k was a fairly decent line drawn in the sand by the bulls previously and is a pretty critical level the bulls will need to defend. 4 hour chart is re-approaching oversold conditions but daily chart still has plenty of room to the downside before it would become oversold. Lets see what the battle brings overnight as bulls desperately try to cling to $10k psychological support and as the bears just continue their slow grind down. If I wake up and no buys fill and price is shooting up then we live to trade another day. No need to chase price and instead you scale out, look for another potential trade setup and have a game of patience. Zero need to catch or be in every single trade or in a general trade position at all times. Long term positions greatly assist with the anti-FOMO as well and allow you to be much more disciplined with your trading capital.
Just My 2 Sats!
Last chart I had personally taken 50% of my profits from this most recent trade entry around $9700 and then ended up getting stopped out in the $10,400's and again around $10,250 a couple days ago.
From there I have just been patiently waiting. The trade was a fairly profitable one and now waiting for another setup. Bulls never made it to top of range I was eyeing unfortunately but that is also why we utilize stop losses to protect our profits or worst case to limit any losses.
Bulls have been trying to defend $10k for several hours now and had one pop up towards $10.3k which was quickly knocked back down by the bears. This lack of follow through does have me leaning towards further downside approaching. I am personally seeking entries under $9900 and will set up my buys to layer in down towards $9300. $9k was a fairly decent line drawn in the sand by the bulls previously and is a pretty critical level the bulls will need to defend. 4 hour chart is re-approaching oversold conditions but daily chart still has plenty of room to the downside before it would become oversold. Lets see what the battle brings overnight as bulls desperately try to cling to $10k psychological support and as the bears just continue their slow grind down. If I wake up and no buys fill and price is shooting up then we live to trade another day. No need to chase price and instead you scale out, look for another potential trade setup and have a game of patience. Zero need to catch or be in every single trade or in a general trade position at all times. Long term positions greatly assist with the anti-FOMO as well and allow you to be much more disciplined with your trading capital.
Just My 2 Sats!
