A retest and break of resistance at $16,000 led me to open a long during the early hours of Nov. 16th at a price of ~$16,200.
The next resistance was the golden ratio fibonacci extension @ ~$16,000 from the $10,000 to $20,000 fib extension I setup on my previous published trade. I expected heavy price action at resistance. Initially, Bitcoin broke resistance and then crashed below. At that point the price consolidated until retesting the high of ~$18,500 from Nov. 17th. Lower timeframes saw the chart hit a new resistance At ~$18,600. A retest and bounce off support at ~$17,800 led me to a target to close my long at the previous resistance of ~$18,600. The target hit early this morning, Nov. 23rd, and I closed my long.
I made this trade with a position size of $40,000 with 10x leverage. The trade netted 129% ROE for a ~$51,600 profit.
The next resistance was the golden ratio fibonacci extension @ ~$16,000 from the $10,000 to $20,000 fib extension I setup on my previous published trade. I expected heavy price action at resistance. Initially, Bitcoin broke resistance and then crashed below. At that point the price consolidated until retesting the high of ~$18,500 from Nov. 17th. Lower timeframes saw the chart hit a new resistance At ~$18,600. A retest and bounce off support at ~$17,800 led me to a target to close my long at the previous resistance of ~$18,600. The target hit early this morning, Nov. 23rd, and I closed my long.
I made this trade with a position size of $40,000 with 10x leverage. The trade netted 129% ROE for a ~$51,600 profit.
