That Bitcoin long from yesterday afternoon hit its stop-loss overnight.
We opened a long near 82,700 yesterday, with our stop at 82,000. At 11:30 p.m., a huge bearish candle plunged through that level, and the long was closed according to plan, for a loss of around 700 points.
After the drop, price kept falling until 1:30 a.m., reaching a low of 80,427.
This level is interesting. On September 20 and 21, Bitcoin tested the bottom twice around 80,200, then took off from there and climbed to 86,000. Last night, price came within about 200 points of that level but still didn’t touch it, and bounced straight back up.
It hasn’t dropped again since bouncing. It’s been moving sideways above 81,500 from 3 a.m. until now, and is currently at 81,900.
There are buyers stepping in below.
But 82,000 is right overhead. Yesterday it was support; after breaking below, it turned into resistance.
Dachao’s plan is this: if price holds above 82,000, go long again, with 83,600 as the first target and a stop at 80,200. If it can’t get above that level, keep waiting—don’t jump in early. #btc $BTC
We opened a long near 82,700 yesterday, with our stop at 82,000. At 11:30 p.m., a huge bearish candle plunged through that level, and the long was closed according to plan, for a loss of around 700 points.
After the drop, price kept falling until 1:30 a.m., reaching a low of 80,427.
This level is interesting. On September 20 and 21, Bitcoin tested the bottom twice around 80,200, then took off from there and climbed to 86,000. Last night, price came within about 200 points of that level but still didn’t touch it, and bounced straight back up.
It hasn’t dropped again since bouncing. It’s been moving sideways above 81,500 from 3 a.m. until now, and is currently at 81,900.
There are buyers stepping in below.
But 82,000 is right overhead. Yesterday it was support; after breaking below, it turned into resistance.
Dachao’s plan is this: if price holds above 82,000, go long again, with 83,600 as the first target and a stop at 80,200. If it can’t get above that level, keep waiting—don’t jump in early. #btc $BTC