What a terribly BORING day in Bitcoin trading. As I mentioned in my previous post, Bitcoin broke out of it's pennant consolidation pattern and made a run for it. It quickly jumped to $927.49 on GDAX, only to immediately resume it's consolidation back in the $924 range. It's spent most of the day bouncing around between $924 and $925. Very little action to speak of. At least we're getting that stable price we've been looking for, huh? I did manage to catch the jump and capitalize on it. I sold a little bit early at $926.44 and followed the price down with a Buy Stop. I was hoping to get back in at the low $900s, but alas, Bitcoin had other ideas. My Buy Stop was hit after the lowest red candle when it pulled back to form the first green candle after the drop. I managed to squeeze out a few more Satoshis.
What the charts show is ANOTHER Pennant consolidation pattern, so I look for the same thing to happen today. I don't think it will go any lower today, because every low since the pullback has been a little higher than the one before it. I look for a repeat of yesterday's uneventful brief jump and return to the $920s.
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Disclaimer: I am not a professional. Trading is risky and you could lose money. Only invest if you're sure what you're doing.
