Hello Traders!

Another day has passed yet not a lot has changed with the Bitcoin …
– BTC got a bounce as expected, however there is still some more room for profits but not much.
– Upon further analysis I have updated my “Take Profit’ from the analysis yesterday.
– Now I will be closing the entire position at $40K instead of $39.5K and $40.7K.

Why you ask??
– After zooming out to the daily chart , I noticed that price has failed to close above the yellow trend line in 7 days.
– The yellow trend line currently falls right at $40K.
**Trading is a game of probabilities, if price has failed to close above that trend line for 7 days, the probabilities favor it being repeated.
– Now it’s possible BTC could temporarily break above the trend line before heading back below it like it has before, but why take the risk?
– $38K to $40K is 5% and I’m happy with that. Even if you got in at $38.5K thats still nearly 4% which is great.
***Remember, nobody ever went broke taking profits!

What’s Next for BTC?
– To be honest I’m a little unsure as to what to expect in the coming days / week at this moment.
– We need to wait and see what happens with the stock market and earnings reports.
– If poor earnings continue and stocks trend lower, BTC will follow.
– So again, I’m confident BTC will hit $40K but until I see how the stock market handles earnings , it’s very hard to make a high probability prediction for a longer time frame.

***As soon as there is stock news that affects the market I will update everyone and explain what that means for BTC and Crypto.
***I do think a relief rally is possible in the next week if all goes well, if so I will look for another position entry!

Thanks Everyone, Happy Trading and Best of Luck!