Altcoins have been inching their means deeper into my buying and selling routine and this seventh entry of the crypto buying and selling journal encompasses a newly opened place on VeChain (VET), in addition to a well timed purchase of Stellar Lumens (XLM). I’m nonetheless lengthy on Bitcoin (BTC) from beneath $9,000, as worth strikes sideways.
XLM/BTC
Half 1: Organising the commerce
Entries: .00000800 satoshis (sats), .00000870(sats), .00000797 (sats)
Targets: 0.00000940 (sats), .00001044 (sats)
Cease loss: The primary cease loss was set at .00000781 (sats) on the breakout. As normal, I transfer this as much as observe the worth when required.
Threat / reward: Goal 1 = 7.37, Goal 2 = 12.84
Entry Concept
A member of the TexasWest Capital Discord requested me to chart XLM just a few days earlier than, and I recognized the .00000797 (sats) space as a spot that I might contemplate shopping for. In a shock announcement, the Stellar Lumens group determined to burn 50% of the coin provide, inflicting a big and quick upside transfer, which brought about my alarms at .00000797 (sats) to go off.
My most popular technique is to purchase the retest of a key resistance as help somewhat than simply shopping for the breakout. As might be seen within the second chart beneath, XLM worth got here again and examined help, which is the place I entered.
I set my purchase orders at .00000800 (sats) as an alternative of .00000797 (sats), simply in case that line was front-run. This can be a 15-minute chart, a timeframe I not often make the most of. Nevertheless, in a transfer this massive and quick primarily based on information, the worth was unlikely to retest over an extended time period, so I used to be prepared to commerce this smaller timeframe.
I not often FOMO into positions, however I noticed the 50% burn as a reputable catalyst and anticipated the worth to doubtlessly pull off a fully huge pump. When the basics line up with the chart, you usually have to maneuver in a short time to catch it.
XLM BTC every day chart. Supply: TradingView
XLM BTC 15 minute chart. Supply: TradingView
I instantly set my take revenue for half of my place at .00000940 (sats), an space I noticed as a key resistance. Inside an hour, the worth hit this line and dropped, which was in the end the highest of the transfer. In an effort to catch a second pump, I reentered at .00000870 (sats) however in the end stopped out of this commerce with all the place at that very same line when the worth dropped.
The way it labored out
I made 17.5% on half of this place in lower than an hour, a really profitable commerce in my thoughts. The rest closed at .00000870 (sats) for a revenue of 8.75%
Half 2: Organising one other XLM commerce
Entry: .00000797(sats)
Targets: 0.00000940 (sats), .00001044 (sats)
Cease loss: .00000781(sats) on the breakout.
Threat / reward: Goal 1 = 8.94, Goal 2 = 15.5
Entry Concept
That is successfully a second spherical of the identical commerce, with the primary retest of the .00000797 (sats) line on a bigger timeframe. The FOMO has handed, so this key help is a probable place for a bounce if the worth goes to proceed up long term. I’ll proceed to replace this commerce in future journals.
XLM BTC 4-hour chart. Supply: TradingView
VET/BTC
Entry: .00000050 (sats)
Targets: 0.00000062 (sats), .00000080 (sats), .000000102 (sats)
Cease loss: .00000781 (sats) on the breakout.
Threat / reward: Goal 1 = 8.94, Goal 2 = 15.5
Entry Concept
VET has traditionally been certainly one of my favourite belongings to commerce, so I’ve been watching it for months. I recognized .00000050 (sats) as the important thing space that, if damaged, would sign that worth was prone to proceed up. Different areas of probably resistance (targets) are proven on the weekly chart beneath. I additionally drew a descending resistance, which worth broke clearly on the weekly chart.
VET BTC weekly chart. Supply: TradingView
Just like the XLM commerce above, I waited for a retest of resistance as help to enter. I entered at .00000050 (sats) primarily based on this retest on the 4-hour chart.
VET BTC 4-hour chart. Supply: TradingView
The way it labored out
I’ve already taken revenue on half of the place at .00000062 (sats), my first goal, a 24% achieve. The remainder of the place stays open, ready for an opportunity to hit greater targets. I’ll maintain this commerce open for so long as Bitcoin stays secure.
BTC/USD replace
I finished out of my two-week-long Bitcoin commerce at a small loss this morning when the vary lows have been damaged. I had loads of alternatives to take some revenue, so this was a poorly managed commerce in my thoughts. Looking back, I ought to have exited when the worth was clearly rejected on the equilibrium of the buying and selling vary (dashed line). The main points of the commerce have been described within the earlier analysis. This amounted to a 1.2% loss on the place and a negligible portfolio loss.
BTC USD 4-hour chart. Supply: TradingView
Further trades:
ONE BTC every day chart. Supply: TradingView
I’ve additionally entered a place on Concord (ONE), with the essential setup proven beneath. I’ll replace this within the subsequent journal. I additionally nonetheless maintain positions in Dogecoin (DOGE) and Holo (HOT), which I’ll replace when the worth motion particulars such an replace as related.
The views and opinions expressed listed here are solely these of the (@scottmelker) and don’t essentially mirror the views of Cointelegraph. Each funding and buying and selling transfer entails threat. It’s best to conduct your individual analysis when making a call.
