BTC:USD 4 hour chart DAILY UPDATE (day 80)

Yesterday I entered a small position at $8,500 and it didn’t take long for my stop loss at $8,249 to get triggered. That is my sixth losing trade in a row and now it is time for a break. It can be very difficult to think clearly when on the wrong side of the market for that long. A few days away from the charts to clear my head is exactly what I need.

The market is down ~11% over the last week and I have been buying most of the dips. Most bounces have not gone as far as expected and when they have I got squeezed out before reaching my target.

Stretches like this are a stark reminder of how hard trading actually is!

From here I am seeing two options that are most likely:

1. Find support at $8,200 | trend line (orange) and horizontal support
2. Continue pulling back to $7,150 - $7,250 | trend line (green dotted) and horizontal support

As long as we remain within the green dotted trend lines I will stay bullish. If we breakdown through $7,150 then I will expect us to selloff to the $5,000 range.

For now I am going to take at least two days off of trading and will likely take the weekend off after that.

Until next time happy trading and go bulls!