Taking Profit on BTC and ARB
Also, raising my stop on ARB ...here's why
Traders,
Last night you know that I went long BTC and ARB. The thought process here was that we had come down to that black rising multi-year s/r tl and would bounce. Thus far, I am a little underwhelmed with the bounce. We haven’t closed the daily yet, but we have had half a day and have not even touched 64.8k yet. This shows weakness and that there may be more selling to come. Until we produce a daily higher high, we can expect this downtrend to continue, possibly even breaking back below our strong support. If that occurs with confirmation, you can know that my bias will immediately change.
Below you will see that I sold 2/3 of my BTC and left the stop tight. If I hit the stop, I will still profit from this trade.
With ARB, which was greatly oversold at the time of purchase, I was expecting much more of a bounce. We are not getting that. I sold half and raised my stop to break even on that trade so that I remain in the profit there as well.
I am still holding out hope for ORCA and XRP but not holding my breath.
