Well things didnt go as planned, yesterday Mr. Powell came out on TV and without saying much pump the price of the markets, I have seen many annalist online saying that he basically said nothing, nothing necessarily bad or good that could in fact pump the speculation of the market without any factual bases that things will get better from now on, but well the little Bitcoin that I have did went up in price so this is a long term game.
It is Saturday and I have a couple of things to run this morning so I’m not planing to be trading during the weekend but did want to revisit my strategy so far.
I didn’t loose any money because instead of opening a short position I rather prefer to play safe, probably in the future I could practice opening short positions and even get into altcoin trading but thats is not my thing right now, my goal is to practice and learn how to apply a strategy at the same time added with speculation.
Here the 1D BITCOIN chart where the price pump $4k in a single day, from $60k to $64k and my long position was at $54548, the matter that the price went up does not mean I’m going to close it because on the 1D there is still a chance that the price can retrace so I’m still on the same plan.
On the 4hr chart the range still remains the same, yes there is a break out but until it retrace and stays above the range its not confirm, could it pump from here? yes it can.
If we zoom out a bit on the 4hr there is a range that serve as both support and resistance around $66k tops where I can see the price going, $2k from where it is currently so thats nothing, jumping in is too risky and there is nothing I can do on the 4hr chart right now, and I have mention before that I don’t want to trade lower time frames as it is time consuming, for now I will just stick to the 1D and wait until the first week of September to see if the price drops.
The only way that I could see myself taking a long position at higher prices would be if the price manage to get over the yellow box range and then comes back down to the $63k mids, if it stops there then I could take a 5x long position with a 3% stop loss looking for more upside, until now there is not much I can do.
For the past 15 days the price was moving with very low volume, ranging, taking small ups and downs, hunting for stops an I didn’t jump in at $56k speculating that the bearish sentiment was stronger, I could not jump in prior when it drop because I was not looking at the price when the drop happen, I was sleeping or at work, don’t remember but still I did though of taking a trade at $56k but the low volume and the previous savage drop didn’t convince me that the price would go up, today it went up based on news so time will tell how strong is/was the effects of this news.