Bitcoin Trading Journal 18/7/2018
Volume: 5,961,950,000
Dominance: 43%
Bitcoin managed to break out of the 6800 level. The inverse H&S is now confirmed with a potential upside move to 7900 level. Next resistance is at 7775 level which i will be careful of.
This move i did not initially expect to play out. after noticing the pullback to form the higher low, i was expecting a consolidation pattern to appear instead of the upside breakout. After the first breakout that occurred, i started to pay more attention to the candle formations and it seemed that when price found support on the EMAs, the upper wicks started to stop and candles started to close higher. This gave me the feeling that the price was most likely going to break out to the upside again.
Sadly, i did not take the trade as i was focused on traditional markets. At current levels, the risk:reward ratios arent as great as yesterday or the day before where the stops were really tight with big potential moves to the upside. Now i would be cautious with any entries as resistance above from the EMAs and prior highs are close by. I will wait for a pull back potentially to retest the breakout point and maybe make a long entry from there for a better R;R.
Dominance: 43%
Bitcoin managed to break out of the 6800 level. The inverse H&S is now confirmed with a potential upside move to 7900 level. Next resistance is at 7775 level which i will be careful of.
This move i did not initially expect to play out. after noticing the pullback to form the higher low, i was expecting a consolidation pattern to appear instead of the upside breakout. After the first breakout that occurred, i started to pay more attention to the candle formations and it seemed that when price found support on the EMAs, the upper wicks started to stop and candles started to close higher. This gave me the feeling that the price was most likely going to break out to the upside again.
Sadly, i did not take the trade as i was focused on traditional markets. At current levels, the risk:reward ratios arent as great as yesterday or the day before where the stops were really tight with big potential moves to the upside. Now i would be cautious with any entries as resistance above from the EMAs and prior highs are close by. I will wait for a pull back potentially to retest the breakout point and maybe make a long entry from there for a better R;R.
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