DAY3 recap
$BTC
In the past two days, there has been high-level consolidation + overlapping parts of the candlesticks, and more doji stars, indicating that we are now entering the distribution/“shakeout” phase.
To prevent a needle-like spike from triggering a stop loss, I moved the stop loss to the 5-minute timeframe, near the bullish-defense area around 75000.
Originally, I planned to add once after a breakout above 78000, and set a separate stop loss for that position.
But I didn’t expect that during the spike around midnight, price surged up and then dropped back, and it just happened to tap the stop loss for that added position.
Although I didn’t lose money, it caused my average entry price to rise again by another 1000.
That means the average price moved from the initial 64230 to now 748000, and I’ve taken profit of about 50%.
In the long run, the target toward 82000 remains unchanged.
This time, the add-on was made too hastily. At this stage, don’t chase just because price is breaking the recent high.
You should wait for a pullback, and only enter after confirming that the support holds.
That said, at least most of the profits since the 8.19 launch have been captured, and it’s beyond my expectations.
Next, let’s see how far the market can go. Over the next couple of days, you can take some partial profits and also look at the US stock market.
Don’t take profit voluntarily—only move the stop loss.
$BTC
In the past two days, there has been high-level consolidation + overlapping parts of the candlesticks, and more doji stars, indicating that we are now entering the distribution/“shakeout” phase.
To prevent a needle-like spike from triggering a stop loss, I moved the stop loss to the 5-minute timeframe, near the bullish-defense area around 75000.
Originally, I planned to add once after a breakout above 78000, and set a separate stop loss for that position.
But I didn’t expect that during the spike around midnight, price surged up and then dropped back, and it just happened to tap the stop loss for that added position.
Although I didn’t lose money, it caused my average entry price to rise again by another 1000.
That means the average price moved from the initial 64230 to now 748000, and I’ve taken profit of about 50%.
In the long run, the target toward 82000 remains unchanged.
This time, the add-on was made too hastily. At this stage, don’t chase just because price is breaking the recent high.
You should wait for a pullback, and only enter after confirming that the support holds.
That said, at least most of the profits since the 8.19 launch have been captured, and it’s beyond my expectations.
Next, let’s see how far the market can go. Over the next couple of days, you can take some partial profits and also look at the US stock market.
Don’t take profit voluntarily—only move the stop loss.
