$BTC Weekend Red Alert 🚨 (Updated: 02/09/2022 15:35)

GM BanterFam,

Apologies for not getting off a weekly update this week…

As I woke up Monday morning…I saw a trading opportunity took it and was engrossed in high intensity action packed trading for the majority of the day.
After last weeks loss I had to prioritise my own portfolio.

Posting what I had planned and prepared after seemed like the trading equivalent of a cock tease or coitus interruptus.

However, I did manage to get off what I was preparing over the weekend:

Successful Scalping : essential reading for anyone attempting to mimic my technique 

And now to the meat of today's post…$BTC

On the "Regional View" I elucidated that there were four days until the reunion with the last diagonal resistance that was the catalyst for the last grand sell off of $BTC.

However, on the daily magnified view it became apparent that there may be another more precarious suppressor that we are rubbing against today!

Additionally, count the days prior to each dump 😰

Zooming in further…

I know that the lines are faint, but if you click on the photos and open them bigger my reason for concern may be more convincing.

As per usual going off the daily chart I drew two trend lines, because we are in a downward trend I saw it more appropriate to seek out a resistance pattern than the supports.
The green dotted line accounts for the top of the candle bodies whilst the red accounts for the wicks.

Seeing that yesterday we broke out of the 15 min flag and did not make it all the way up to the red dotted suppressor. I suspect that we will see a surge up to the red today and then down shall come the hammer as though wielded by a norse god.

I had to take a break while writing this post to set my sell orders, of which two of the three have been filled…The red dotted line is yet to be breached.

Update: 10:18 (UTC -4)

Stopped out in ~30% profit…
SL placed as the new candle clocked a lower low

Price rebounded and I raised my entry …rinse and repeat 😉

Update: 12:47 (UTC -4)

I allowed myself to get stopped out (~60%)…
The price continued to creep lower, but my rules declared that it was time to bring forward my SL: 

• Made a lower low
• Stochastic RSI just entered the over bought area

Perhaps, I ought to amend the rules to include, "don't advance the SL until a new candle is printed"

However, I'm moving a little bit more conservative and protective of profits made, possibly haunted by last week's loss.

I still believe that the price will venture much lower, but I have placed a small buy order at the 200 MA and refreshed my short position.

I am growing more convinced that price may rebound as I suspect that short position holders have taken profits: given that the funding rate has changed from -0.0165 to -0.0043

The order has been filled and we seem to be bouncing off of the 200MA.

Should price continue to descend I will consider doubling up my order should we extend to the white horizontal, perhaps starting from the green dotted ¿support?.

Update: 13:30 (UTC -4)

Our bounce off of the 200MA was short lived, I got stopped out with ~10% profits.

I then reloaded the orders as planned, placing them at the green trend line and at the white horizontal. 

I have extend the demarcators of the previous channel that $BTC was bound in before breaking out yesterday.

Should both orders get bought I will proceed to wait for a bottom to form, and double up my position.

Funding rate is now 0…
I am willing to accept a loss equal to the days profits.

Always start small and ladder into your trades.

Update: 15:14 (UTC -4)

I escaped to the bathroom and glanced at my phone, discovered that I was in profit ~60%.
Set a TP at ~200% ($23,400) and a SL at 25%.

I was stopped out at ~25%…

Is it not marvellous how the price seemed to react instantly to my extending the red channel from earlier this week.
Almost as a recognition of where it was heading to… visited and turned back around.

That the price was rejected off of the 200 MA is a bad sign for the bulls.
We are now back in that gap between the white horizontal and the red descending.

A successful day, best I don't tempt fate.
I am going to try sitting on my hands.

Even a broken clock is right twice a day…

Be safe this weekend 🙏

Just sharing what I am doing

Draw your own charts (even if it is just copying)…Sheep get slaughtered

Banter On, Banter Strong!
✌️