Bitcoin Price Diary: 6 Altcoins That Are Currently Making Me Avoid BTC
Cointelegraph By Scott Melker's original article for cointelegraph.com reduced by 70%
Since publishing the last trading journal two weeks ago, I have made a number of altcoin trades but not a single Bitcoin trade other than closing my long from $6,900 in segments between $7,550 and $7,700. In the last journal, I detailed a 2% positional loss on my REN trade which had an entry at.00000603 Satoshis and closed at.00000590. I had been focused on Bitcoin's monthly chart and hoped for a close above the key $7,777 support to signal that further price appreciation was likely.
The monthly candle closed at roughly $7,550, which is where I exited the remainder of the position as I viewed the close below $7,777 as a support break. My decision to close the trade at an average price of $7,625 secured a 10.5% gain on the position. My late entry was risky as the price had already gone parabolic, but I was willing to take a position in case the price continued to all-time highs.
The price finally reached the bottom of the expected move, so I bought LINK looking for the price to appreciate.
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CN [too long; didn’t read]
Summarised crypto news.