I am once again long on Bitcoin from $8,375 and have stopped out in profit from a position on Tron.Update on the Bitcoin positionI entered a fresh Bitcoin trade at $8,595 on November 12th. I took this position because I viewed a return to the previous trading range below price as unlikely and because there was a clear area of liquidity as shown by the green box shown below.
I filled the first of a number of bids for a new long position on the resistance to support flip pictured below.
TRX price formed a clear inverse head and shoulders pattern, so I took a small position on the breakout and local retest.
I gave myself a comfortable stop loss, as the initial position was small so the risk of a larger percentage loss was minimized.
I added to the position at.00000210 as illustrated below, and more recently at.00000221 as clear, fresh resistance levels flipped to support.
How it worked outTRX dropped quickly with Bitcoin today, hitting my stop loss for the entire position at.00000219.
Risk / reward: Target 1 = 4, Target 2 = 10, Target 3 = 17.33.SummaryI entered a position in VeChain at.00000050 after seeing it break both descending and horizontal resistance.
As illustrated in the chart below, the altcoin's price continued it's vertical ascent and hit my second target at.00000080, for a quick gain of 60% on 40% of the position.
Additional trades:I remain in my position on Harmony.
I also still hold positions in Dogecoin and Holo, which I will update when the price action details such an update as relevant.
Bitcoin Price Diary: VET, XLM, TRX Double-Digit Gains
Published on Nov 15, 2019
by Cointele | Published on Coinage
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