bottoming formation

Long BTC 480.6, Stop at 465

Symbol
Long BTC
Last
-
Entry
480.6
Size
100%
Exit
456
P/L
5.1%

  *check out the bitcoin trading guide and reference for what they mean

Entry Update: 

Going long at these levels, not the best entry. To continue on from yesterday's bitcoin market update, I think the risk reward ratio here is very good. We've retested the 460 resistance multiple times but we are not breaking it. In addition, if we have more sell-off, alt-coins should be collapsing because they are laggers. However, Litecoin held up so well. I had to cover my litecoin short at a 10% loss, although much smaller position. While I cannot stop the market from going down further, I can control my risk of 15 dollars stop loss.