Booking Profit on Bitcoin
Skerdian Meta • 1 min read
Cryptocurrencies have been absolutely surging throughout this month, as their status has changed from risk asset to safe haven, in these times of global trouble. Ripple (XRP/USD) was trading at around $ 0.30 on Friday last week, and yesterday, it surged to $ 0.77.
ETHEREUM also surged from $ 440 last week, to $ 620 yesterday, although both of these digital currencies are retracing lower right now, which looks like a good opportunity to go long on them. Although, we will wait for the retrace down to be complete, and if we see a bullish reversing signal we will open a buy forex signal.
On the other hand, BITCOIN was retracing yesterday, as it pulled back from $ 18,800s. We decided to open a buy trade in Bitcoin at the 20 SMA (gray) on the H4 chart, as shown above. That moving average held as support, despite being pierced this morning, and after forming a pin candlestick, the price reversed higher. We cashed in on that trade, and now we are looking for another opportunity in other cryptos.