XBTUSD(1D): Bullish Momentum Targets 4200
Position: Long opened on break-through of 3700. Bids set to add to position down to a retest of 3700. Idea breaks down here, so Stop-Loss set just below. Target is 4100 where, given significance, we'll run into significant resistance.
Looking for opportunities to add to long, but we're currently in the middle of the range so will wait on breakout of bull flag or dip below 3800.
Took profits on the way down but had I watched the dump play out, would have left position open all the way to 3700, which was the breakout that prompted original position. As expected, resistance turned support at 3700 was enough to stop the dump... for now. In normal circumstances, would open a long on retest but leveraged longs all off the table for now until market settles down.
Small short position remains open while uncertainty remains, but will add to it if 3700 doesn't hold.