Bitcoin support and resistance must watch
Bitcoin update:-
Bitcoin staying up 7200 nicely and it looks like the bulls got the control so far, fundamentally this month is very important for btc because there are pending decisions for bitcoin ETFs and its getting hype although there are 50% chances for ETF to be approved which is expected by September 30! Altcoins are not moving either because the dominance of bitcoin is high! That's why we are opening very fewer trades and also very caring about the new trades, we must not be greedy and here are some steps you can follow:
Trade a maximum of 3 coins if you are just starting off and do not add to winning positions.
Place an initial protective stop loss on the entire position one or two candles below the most recent high or low. (The market should not come back to this defined support /resistance level, or "risk point!") The exact timing to exit a trade is a subjective matter. What is not subjective is the initial protective stop.
Immediately look to scale out of your trade as the crypto market moves in your direction. By taking some of the trade off, you are decreasing your risk and locking in profits.
Finally, if the market starts to move parabolically or has a range expansion move, take profits on the entire position. This is very likely to climax! A range-expansion move is a very large trading bar caused by the last of the market's participants (the emotional latecomers) dog piling into the market. When this last group of traders have entered, there is nobody left to come in to continue to drive prices up or down so make sure to not be greedy 🤑