Since publishing the last trading journal two weeks ago, I have made a number of altcoin trades but not a single Bitcoin (BTC) trade other than closing my long from $6,900 in segments between $7,550 and $7,700. Currently, I am trading Matic Network (MATIC), WePower (WPR), Zilliqa (ZIL), Verge (XVG), Fantom (FTM) and ChainLink (LINK). In the last journal, I detailed a 2% positional loss on my REN trade which had an entry at .00000603 Satoshis (sats) and closed at .00000590 (sats).
I made a 14% gain trading DOCK, 32% on Harmony (ONE), 39% on Fetch.AI (FET), and I closed the last portion of my VET trade for over 100%. I should also mention that I broke even on my ArpaChain (ARPA) trade as I was stopped out at entry. Needless to say, it’s been an incredible two weeks of trading!
Closing the Bitcoin position
I had been focused on Bitcoin’s monthly chart and hoped for a close above the key $7,777 support to signal that further price appreciation was likely. This is where I closed much of my position from $6,900.
It was not to be, although price did manage to break the line temporarily on smaller time frames. The monthly candle closed at roughly $7,550, which is where I exited the remainder of the position as I viewed the close below $7,777 as a support break.
For now, I will be watching the aforementioned level to see if it flips to support and I will also watch the lower level at $6,540 to see if it holds as support. This would be very simple from a macro perspective. My decision to close the trade at an average price of $7,625 secured a 10.5% gain on the position.
MATIC/BTC
Entry: .00000348 (sats)
Targets: .00000447 (sats), .00000573 (sats)
Stop loss: .00000336 (sats)
Risk / reward: Target 1 = 8.25, Target 2 = 18.75
Entry Idea
I have been watching MATIC ascend for weeks, missing multiple entries by a few sats at each level of support. While the initial idea is posted below, I missed entries at both .00000212 (sats) and .00000279 (sats).
My late entry was risky as the price had already gone parabolic, but I was willing to take a position in case the price continued to all-time highs. I entered on the retest of resistance as support at .00000348 (sats).
How did it work out?
I closed the majority of the position at .00000460 (sats) for a 32.1% gain. I left the remainder of the position in play just in case Matic takes a shot at the all-time high and potentially beyond.
I closed the majority of the position at .00000460 (sats) for a 32.1% gain. I left the remainder of the position in play just in case Matic takes a shot at the all-time high and potentially beyond.
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