BTCUSD Breakout above 7300 which invalidates SHORTING
We have broken above the pennant which was as planned but I was more weighted in a short position. Happy that I had a hedge position to minimise my losses from my short which kicked in at 7325 and I have closed it at 7500.
Now the new analysis is that we are going to be trending higher towards 8000 which is the 61.8% FIB level from the weekly local high to the weekly local low.
I am looking for the price to bounce off 7466 (which it currently looks like it is doing) or at the next lower level which is 7308.
Will wait for the bounce and look for new local high and lows before re-entering into the market in a LONG position.
I am wary of this move as I have seen this happen more and more where the breakout happens one way and then completely shoots off in the other direction. IF it does dip back down belows the pennant I will have an automatic SHORT enter at 6800 and look at closing it soon after it opens to try and catch a higher point than where it stabilies.
Maintain or gain (and this has made me become a bit more risk averse as I did still lose 1% on this move).
Now the new analysis is that we are going to be trending higher towards 8000 which is the 61.8% FIB level from the weekly local high to the weekly local low.
I am looking for the price to bounce off 7466 (which it currently looks like it is doing) or at the next lower level which is 7308.
Will wait for the bounce and look for new local high and lows before re-entering into the market in a LONG position.
I am wary of this move as I have seen this happen more and more where the breakout happens one way and then completely shoots off in the other direction. IF it does dip back down belows the pennant I will have an automatic SHORT enter at 6800 and look at closing it soon after it opens to try and catch a higher point than where it stabilies.
Maintain or gain (and this has made me become a bit more risk averse as I did still lose 1% on this move).
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