Bitcoin Price Diary: How Everything Went 100% Right With My $7.3K Long

The sixth installment of my trade journal features one of my best Bitcoin swing trades ever, catching much of the 40% move that caught many traders off guard.

The entire trade is immortalized in a twitter thread. After closing this trade, I opened a new one on the retrace, which is still active.

As discussed in my previous journal, after a significant break down from the bear flag on Oct. 23, Bitcoin price approached a buy order that I had set in June 2019.

The first target was just below the bottom of the previous trading range, a likely point of resistance.

Considering the 40% move, this was a very early place to start taking profit, but I was comfortable locking in gains in an area where the price was likely to stall, if not reverse back down.

BTC price moved quickly through the first target, and in a matter of hours had reached the top of the range, filling my second round of asks at $8,500.

At this point, I did not have an exact take profit set, as I wanted to watch price action for a good spot to close the remaining of the position Price ultimately moved above $10,000 quickly, so I moved a stop loss to just under this psychological level.

As chronicled in the previous trade, Bitcoin made a massive move and then began to retrace.

Price dropped to the 50% level, filling my bids for a new Bitcoin position.

The chart below shows fresh areas of interest I highlighted for a new trade, including the swing high on the 4-hour chart, immediately after the move down from late September.