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21 February 2020

Bitcoin Price Diary: How REN/BTC Double Bottom Made Me 49% Profit

Bitcoin Price Diary: How REN/BTC Double Bottom Made Me 49% Profit

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In this third installment of my Bitcoin Price Diary, I’ll revisit some open positions which are still in play and review a sizable trade on REN.

I also have a position in Bitcoin (BTC) that is still largely open. .

At the time of writing, Bitcoin price is a few days removed from a sizable 6.6% move up, which caused a drop across the board on many altcoins.

In this case, I deployed the bulk of my trading capital into a REN position, which worked out beautifully.

The move up from there caught my attention, and would be viewed as a potential entry for traders with a higher risk profile.

Price also formed a potential double bottom at .00000388 sats, which gave me another area of interest for an entry. !

I love trading a retest of this line, so I added to my position at .00000601 sats. .

There is a potential hidden bullish divergence forming, which would be invalidated at that point

Further, that line is a clear area of support that bulls would like to see hold. 

The premise for the trade was that I saw a nice 4-hour candle with a large wick down, which made a clear descending channel. 

Combined with the descending channel and the significant bullish divergence with the RSI, I was confident that price would rise

Bitcoin price made a move above the equilibrium (dashed centerline) of that channel, and broke out, bullishly retesting resistance as support. 

It successfully retested this area, so further price appreciation is likely

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