BTC Evening Update!
I posted earlier just minutes before the bear break so figured I'd throw an update off that.
At the time we were watching daily range of our lower high at $8290 and higher low at $7787 and a tightening equilibrium pattern.
Zooming in on 4 hour I was watching the bulls battle to try and hold $8065 as support which was a prior higher low. Expectation being that if this level failed we would see a quick flush below $8k but would expect daily chart to maintain it's higher low (bottom higher than $7787).
As I continued to watch the price action play out live, it was obvious the bears were going to break the bulls down so I allowed my original position to go ahead and stop out just under $8065 and began preparing my buy orders in the $7800's.
I was able to fill first two buys and then went ahead and moved a buy into low $7900's once it appeared the bulls were setting the bottom of the move.
I scaled out partial position in the $8100's just to lock in those 3-4% profits and average down my overall break even point on the trade. It's a peace of mind/comfort thing that has worked well for me personally. I can now sit comfortably in my position to see if the bulls can get an equilibrium bull break on daily chart this week or I can establish an appropriate stop loss off our higher low for now.
