Navigating Bitcoin and Altcoin Trades: A Rollercoaster of Strategies

Updates on Bitcoin (BTC) Position

In this journal entry, I’m diving deep into my recent Bitcoin trades, reflecting on the ups and downs of my strategies and the sometimes-wild ride that comes with it. Let’s kick things off by examining my previous positions.

My BTC Trade Setup

I started the trade with two entries at $7,940 and $7,900. The targets? Aiming high with aspirations to reach $8,395, $8,949, and if the stars aligned, $9,723. Not much to ask for, right?

Stop Loss Strategies

Initially, I set the stop loss at $7,834, just below an important support level. However, to avoid sudden shakeouts from long wicks, I later adjusted it to $7,797 and then to $7,878. A wise trader once told me, “Your stop loss should be a safety net, not a noose.”

Why I Adjusted My Stop Loss

After some input from a keen-eyed follower on Twitter about my somewhat tight stop loss, I realized that adjustments were in order. This interaction made me rethink my position size and risk, leading me to tweak the stop to $7,797, which turned out to be a stroke of luck! Instead of getting stopped out, I doubled down at $7,900.

Chart Patterns and Movements

As Bitcoin made its way back up, it formed a descending wedge on shorter time frames — a signal that often leads to an upside breakout. That gave me confidence that Bitcoin was ready to leap off the bottom of its ascending channel like a kid at recess. And leap it did, pushing towards my first target!

Catching the Waves

As the price approached the equilibrium point of my ascending channel, I made the wise decision to secure profits and exited half my position at $8,200. The remaining half, however, hit a snag, closing out near $7,878 with a loss. A lesson learned: in trading, it pays to be aggressive with profit-taking and stop-loss placements.

Setting Up a New BTC Position

Fast forward to my new entry at $7,390, which felt like catching a falling knife. This was grounded in pure strategy — it aligned with a significant retracement of 61.8%, a trader’s holy grail! My intuition told me this was one to hold long-term, but I kept plans for additional buys should the price drop further.

Switching Gears: The ANKR Trade

Diving into altcoins, I spotted an opportunity with Ankr Network (ANKR). I entered with a buy in at .00000025 sats, aiming to hit targets of .00000035, .00000040, .00000048, and .00000061 sats.

Managing the ANKR Position

Setting a stop loss at .00000022 sats was crucial to manage my 12% possible loss. On September 26, I noticed a bullish divergence and jumped in, all set for potential gains.

How the ANKR Trade Played Out

Luckily, my pre-set take-profit orders kicked in during a fleeting price spike, allowing me to bag 70% of my position with profits of 40% and 60% on two separate exits. The crypto market may be a turbulent sea, but with good planning, sometimes you can find yourself riding the waves instead of drowning!