Buying More Bitcoin
And more updates on my #altcoins #trades
Guys, I was stopped out of two more of my altcoin positions today. They were HBAR and XRP. The other two, BCH and BICO, are weakening but have not hit the SL yet. So, if we can get a Bitcoin bounce before too much more damage, we should be able to make some profit and recover some of the damage from the previous losses. But, I will be reducing my targets on these entries and will take profit on these two coins once Bitcoin hits around 42k.
Now, let me explain why Bitcoin 42k is important. See that liquidation map above? That data is important. This is our liquidation heatmap and it shows where the majority of positions would get liquidated in yellow. You can observe that a majority of traders would get liquidated at between 41-42k and 42k is also a significant level I have drawn on my chart below, therefore, 42k become my new upside target. And since my avg. buy in was lowered to around 39,300 with this most recent DCA this morning, I also lowered my SL slightly to around 37k.
Again, I don’t see us continuing to sell straight through our support areas. I believe a bounce in imminent. It may occur rapidly so be ready to take those profits.
I will reasses the charts once one of two things occur: 1) we hit our targets above (42-44k) or 2) we break our supports below.
Here is what the Trade Tracker looks like:
