BTCUSD - Bulls break through the resistances!
We were looking for a the bearish sentiment to play out, and gather bullish support from the $24K ranges.
Due the current socio economic movement, large celebrities like Elon Musk support crypto currency and largely de-centralized finance, the bulls had enough strength here to break the down trend and push it up. This is really good news for crypto currency as a whole.
Originally in a short, had a stop loss at $35K and moved it down to $33K as price moved down initially. Stopped out now. If you were in a short and didn't have a stop-loss set around , you can potentially wait for the retest of the channel to exit the position. This is usually the case when a down channel break up, it retests support before a larger move up. However, based on the new wave on bulls and market conditions, it may be smart to wait and watch the market volatility create a new structure.
Safe Trading, Cheers :)
Due the current socio economic movement, large celebrities like Elon Musk support crypto currency and largely de-centralized finance, the bulls had enough strength here to break the down trend and push it up. This is really good news for crypto currency as a whole.
Originally in a short, had a stop loss at $35K and moved it down to $33K as price moved down initially. Stopped out now. If you were in a short and didn't have a stop-loss set around , you can potentially wait for the retest of the channel to exit the position. This is usually the case when a down channel break up, it retests support before a larger move up. However, based on the new wave on bulls and market conditions, it may be smart to wait and watch the market volatility create a new structure.
Safe Trading, Cheers :)
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There it is, if you wanted to cut-losses on the retest. Cheers.
Smart Crypto Association [ SCA ]