Trade Signal Update: Sold half position at our price target $10,500 to lock 900 point move!
Bitcoin (BTC/USD) BUY signal from February 6th at $9,600 has hit our first Take Profit target at 10,500 and we locked 900 points move on half of our original position. The remaining half we will continue to hold longer term and use a STOP Loss order at our original price entry at 9,600; this way this trade will remain profitable no matter what bitcoin price will do. We will continue to track Bitcoin BTC/USD and provided future guide on this trade.
Look at the chart below to see our technical analysis of Bitcoin and our trade.
February 6th: Bitcoin (BTC/USD) continues to perform well, following a 3 month price base pattern and finishing on a new 3 months high. The base pattern includes breakout and consolidation above the 50 and 200 day moving average (see red and green line on chart). Currently, price is set to breakout from the 9,600 + level with a first price target at the $10,500 level (a potential of about 900 points run!). If we get that move, bitcoin might as well continue to test prior resistance level at 12,000, but first we will look to sell half position at first target price mentioned above. While bitcoin is a risky asset, traders can protect themselves with stop at support level (see chart).