BTC started retracing, time to make some good money
Yesterday I posted a chart calling for an opportunity for a scalp if the pennant broke down, you can see it here: 
Although the target has been met and I've already taken all my profits from that trade, BTC has kept going down. I did not expect it to keep slumping, specially not with this low volume, but there just hasn't been any buying momentum going on.
There could be an opportunity here, 6850 is a very strong historical resistance and I'd be looking forward to see if it breaks convincingly, since going long there (which could be a good play) contradicts my thinking that today we should see a red day, just to cool off indicators.
A smart move could be opening up a long around that price, and then hedging it if it looks like its gonna dump.
Red line (born exactly a week ago) has formed a steep wedge with the old blue resistance line (which was my entry for a short on the previous rally and didn't make it for 4 bucks) and, if it breaks and confirms with volume, could be a great entry up to until 6450.
Remember to always use stop losses. Safe trades!
If you liked or found this useful, make sure to thumb me up and follow me on twitter!
Although the target has been met and I've already taken all my profits from that trade, BTC has kept going down. I did not expect it to keep slumping, specially not with this low volume, but there just hasn't been any buying momentum going on.
There could be an opportunity here, 6850 is a very strong historical resistance and I'd be looking forward to see if it breaks convincingly, since going long there (which could be a good play) contradicts my thinking that today we should see a red day, just to cool off indicators.
A smart move could be opening up a long around that price, and then hedging it if it looks like its gonna dump.
Red line (born exactly a week ago) has formed a steep wedge with the old blue resistance line (which was my entry for a short on the previous rally and didn't make it for 4 bucks) and, if it breaks and confirms with volume, could be a great entry up to until 6450.
Remember to always use stop losses. Safe trades!
If you liked or found this useful, make sure to thumb me up and follow me on twitter!
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