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November 12, 2019
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Bitcoin Price Diary: Long Bitcoin, Bullish on Altcoins – XLM, VET, ONE

Altcoins have been inching their approach deeper into my buying and selling routine and this seventh entry of the crypto buying and selling journal encompasses a newly opened place on VeChain (VET), in addition to a well timed purchase of Stellar Lumens (XLM). I’m nonetheless lengthy on Bitcoin (BTC) from beneath $9,000, as worth strikes sideways.

XLM/BTC

Part 1: Setting up the commerce

Entries: .00000800 satoshis (sats), .00000870(sats), .00000797 (sats)

Targets: zero.00000940 (sats), .00001044 (sats)

Stop loss: The first cease loss was set at .00000781 (sats) on the breakout. As normal, I transfer this as much as observe the worth when required.

Risk / reward: Target 1 = 7.37, Target 2 = 12.84

Entry Idea

A member of the TexasWest Capital Discord requested me to chart XLM a number of days earlier than, and I recognized the .00000797 (sats) space as a spot that I might contemplate shopping for. In a shock announcement, the Stellar Lumens crew determined to burn 50% of the coin provide, inflicting a big and quick upside transfer, which induced my alarms at .00000797 (sats) to go off. 

My most popular technique is to purchase the retest of a key resistance as help somewhat than simply shopping for the breakout. As will be seen within the second chart under, XLM worth got here again and examined help, which is the place I entered.

I set my purchase orders at .00000800 (sats) as an alternative of .00000797 (sats), simply in case that line was front-run. This is a 15-minute chart, a time-frame I not often make the most of. However, in a transfer this massive and quick based mostly on information, the worth was unlikely to retest over an extended time period, so I used to be prepared to commerce this smaller time-frame.

I not often FOMO into positions, however I noticed the 50% burn as a professional catalyst and anticipated the worth to probably pull off a completely large pump. When the basics line up with the chart, you usually have to maneuver in a short time to catch it.

XLM BTC every day chart. Source: TradingView

XLM BTC 15 minute chart. Source: TradingView

XLM BTC 15 minute chart. Source: TradingView

I instantly set my take revenue for half of my place at .00000940 (sats), an space I noticed as a key resistance. Within an hour, the worth hit this line and dropped, which was in the end the highest of the transfer. In an effort to catch a second pump, I reentered at .00000870 (sats) however in the end stopped out of this commerce with your entire place at that very same line when the worth dropped.

How it labored out

I made 17.5% on half of this place in lower than an hour, a really profitable commerce in my thoughts. The the rest closed at .00000870 (sats) for a revenue of eight.75%

Part 2: Setting up one other XLM commerce

Entry: .00000797(sats)

Targets: zero.00000940 (sats), .00001044 (sats)

Stop loss: .00000781(sats) on the breakout.

Risk / reward: Target 1 = eight.94, Target 2 = 15.5

Entry Idea

This is successfully a second spherical of the identical commerce, with the primary retest of the .00000797 (sats) line on a bigger time-frame. The FOMO has handed, so this key help is a possible place for a bounce if the worth goes to proceed up long term. I’ll proceed to replace this commerce in future journals.

XLM BTC 4-hour chart. Source: TradingView

XLM BTC Four-hour chart. Source: TradingView

VET/BTC

Entry: .00000050 (sats)

Targets: zero.00000062 (sats), .00000080 (sats), .000000102 (sats)

Stop loss: .00000781 (sats) on the breakout.

Risk / reward: Target 1 = eight.94, Target 2 = 15.5

Entry Idea

VET has traditionally been one in every of my favourite belongings to commerce, so I’ve been watching it for months. I recognized .00000050 (sats) as the important thing space that, if damaged, would sign that worth was more likely to proceed up. Other areas of seemingly resistance (targets) are proven on the weekly chart under. I additionally drew a descending resistance, which worth broke clearly on the weekly chart. 

VET BTC weekly chart. Source: TradingView

VET BTC weekly chart. Source: TradingView

Like the XLM commerce above, I waited for a retest of resistance as help to enter. I entered at .00000050 (sats) based mostly on this retest on the Four-hour chart.

VET BTC 4-hour chart. Source: TradingView

VET BTC Four-hour chart. Source: TradingView

How it labored out

I’ve already taken revenue on half of the place at .00000062 (sats), my first goal, a 24% achieve. The remainder of the place stays open, ready for an opportunity to hit greater targets. I’ll maintain this commerce open for so long as Bitcoin stays steady.

BTC/USD replace

I finished out of my two-week-long Bitcoin commerce at a small loss this morning when the vary lows had been damaged. I had loads of alternatives to take some revenue, so this was a poorly managed commerce in my thoughts. In retrospect, I ought to have exited when the worth was clearly rejected on the equilibrium of the buying and selling vary (dashed line). The particulars of the commerce had been described within the earlier evaluation. This amounted to a 1.2% loss on the place and a negligible portfolio loss.

BTC USD 4-hour chart. Source: TradingView

BTC USD Four-hour chart. Source: TradingView

Additional trades:

ONE BTC daily chart. Source: TradingView

ONE BTC every day chart. Source: TradingView

I’ve additionally entered a place on Harmony (ONE), with the essential setup proven under. I’ll replace this within the subsequent journal. I additionally nonetheless maintain positions in Dogecoin (DOGE) and Holo (HOT), which I’ll replace when the worth motion particulars such an replace as related.

The views and opinions expressed listed below are solely these of the (@scottmelker) and don’t essentially mirror the views of Cointelegraph. Every funding and buying and selling transfer entails danger. You ought to conduct your individual analysis when making a choice.

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