Long From $7.3K, Expecting Lower BTC Price

In my fifth journal entry, I provide updates on my previous Bitcoin (BTC) position, highlight a new BTC position, and discuss a recent altcoin trade on Ankr Network (ANKR). 

BTC/USD

Setting up the trade

Entries: $7,940, $7,900

Targets: $8,395, $8,949, $9,723

Stop loss: I set the stop loss at $7,834 which is below the ascending channel support with a bit of breathing room to avoid a long wick or shake out. I eventually moved it down to $7,797 before moving it again to $7,878. I will also provide a deeper discussion of why I moved the stop numerous times.  

Risk / reward: Target 1 = 4.38, Target 2 = 9.7 Target 3 = 17.16 based on first entry at $7,940

Entry idea

The chart for my original set up is included below. For reference, I wrote up the entire trade in the journal entry. The basic reasoning for the trade was the clear hidden bullish divergence with the relative strength index (RSI) and the bounce off of the bottom of the ascending channel. The risk to reward for a long position also…