Good morning! Closed out a small short on ETH @ about $177 early this morning for a healthy profit. It's been fun dabbling in day trading again. Coming into today, my focus is back on BTC. It fell out of a small descending triangle, but price popped back up above the dark red support/resistance line. I imagine price will linger in this area for a bit until we approach the edge of the larger channel.
Some key reasons I closed my short here:
1) There is a healthy bounce off the pivot
2) Were sitting in the golden pocket of FIBS (zoom out, larger dashed purple lines) of the 3.5-13k movement we had previously.
3) We're approaching the edge of the channel and several other key support areas
4) Our triple EMAs are still bullish above the 55 blue EMA on the 4hr chart.
The pink downward arrow indicates the expected target of the descending triangle. This would be my most ideal buy in price, but will settle for anything around the pivot as well. As stated, it's a day trade so I plan to close at 5% profit. There is always the possibility of more, but the key to successful day trading is establishing a set of rules for yourself and following it. My biggest thing is to trade in ranges- take profits when the goal is met and don't FOMO back in, or stay in a trade out of greed.
Some key reasons I closed my short here:
1) There is a healthy bounce off the pivot
2) Were sitting in the golden pocket of FIBS (zoom out, larger dashed purple lines) of the 3.5-13k movement we had previously.
3) We're approaching the edge of the channel and several other key support areas
4) Our triple EMAs are still bullish above the 55 blue EMA on the 4hr chart.
The pink downward arrow indicates the expected target of the descending triangle. This would be my most ideal buy in price, but will settle for anything around the pivot as well. As stated, it's a day trade so I plan to close at 5% profit. There is always the possibility of more, but the key to successful day trading is establishing a set of rules for yourself and following it. My biggest thing is to trade in ranges- take profits when the goal is met and don't FOMO back in, or stay in a trade out of greed.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.