As mentioned in today’s update, I was expecting downside to BTCUSD, should it move back into yesterday’s value area. BTCUSD did move down early in the morning, and I took a short trade:
08/05/21 – 09:00:30 BTC/USD SellMarket —- 39,026.8—-
Bitcoin continued to drop, and I partially closed the deal shortly after
08/05/21 – 09:36:27 BTC/USD BuyMarket —-38,811.4—-
I moved stop loss to break even on the remaining part, expecting a continued drop down towards the 38,200 level. BTCUSD continued down, and I took profit on the remaining amount at 38,247.
08/05/21 – 11:20:05 BTC/USD BuyMarket —38,247.3—-
BTC continued downto hit a low around the 37,300 level. I managed to get in long at 37,470.
08/05/21 – 14:47:09 BTC/USD BuyMarket —-37,470.4—-
This quickly went my way and I took partial profit around 37,655.
08/05/21 – 14:54:00 BTC/USD SellMarket —-37,655.6—-
The final portion was closed out at 40,358.
08/05/21 – 19:42:52BTC/USDSellMarket—-40,358.8—-
Needless to say the support level I initially was targeting didn’t hold. I was delighted I didn’t take any long at that point and stayed patient. The final trade was epic. I got in at the very low of the day, and since then Bitcoin has been on quite the rally.
I also got in on a short around the 40,700 level. It moved a tiny bit in my direction so I quickly moved stop loss to break even. This got closed out shortly after.