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Traders,
We are nicely in the profit thus far on our two longs, Ethereum and Bitcoin, and out of our two shorts, Dogecoin and Band, only Doge is in the profit thus far. Unfortunately, Band stopped me out for a loss. I am going to try again once I see that RSI on the daily begins to turn down. Right now, it is still hot and still pointing upwards even at 93!
As far as the other trades go, you may want to tighten those stops now that we are in the profit. That’s up to you. We do have a bit of resistance ahead on each of these trades.
Bitcoin Resistance at 20,700
Ethereum Resistance at 1,590
Doge Downside Resistance at 11.8 cents
Stayed tuned for more on the Band short. Again, I will probably be re-entering this trade very soon. My stop was set too loosely at $3.50 and so, I was stopped out for a fairly sizeable loss. Honestly, the candle on the daily is bearish at the moment. And the RSI at 93 gives very little room to move up much more. That being said, if you are feeling frisky and want to take another stab at this wonderful short opportunity (IMO), you would not be wrong to place an order at $3.50 with an SL of $4.10 and a TP of $1.80 to $2.00.
In my personal experience, I have found that it sometimes does take multiple attempts to get those big wins. And this may be a prime example.
Best on the rest of your trades!
Stew