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Today, I managed to make 6.33% returns only. Only $HYPE and $ARB trades went well. $CL and $DOT closed at entry price. However, these two trades should have been taken at the stop-loss price; I exited early, resulting in closing near the entries.
Not a good day nor a bad day, but it’s not another loss day.
I am still not done yet. I will look for one more confirmation signal, which will be a sure shot and make double the invested money. Let’s hope for good returns, after all 😅
The reason is very simple; you can guess too. We're sitting on huge profits even after recovering the losses from the signals in this horrible market. So, the greed levels and overconfidence would be very high. This is where most traders make mistakes unintentionally... just ignoring what the market is doing.
We have seen a crazy dump/rally from the past 30 days. If we look at the daily chart, there is a descending channel formation, and the price is just sitting on the lower trendline support after rising from 73k. Also, the price is below the orange line (which is major horizontal resistance). If the price crosses it and holds at 76k-77k, there will be chances for a 79k-80k rally, which is the current upper trendline in the channel. Probably, the price will test this before coming into 72k-69k. I am fully bearish on Bitcoin, but we need to consider the probabilities of going down rather than believing something blindly irrespective of current conditions.
Coming to the current situation, the price broke out from the ascending channel a few minutes ago and now came into the inside pattern again. It seems lower levels are possible, like 74.4k-74.6k. If it holds and bounces, it will be okay(we will make big profits) , but what if it is lost here? Then we have to close at entry or with a loss... I don't want to take that chance.
Sorry for too much Explanation , Hope you enjoy my Thoughts 😅