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

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 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.

Opening multiple altcoin positions at the same time rarely works for me as they move in tandem based on Bitcoin price moves.

REN/BTC price broke through this line on Oct. 5, where I entered my first trade on the breakout at.00000512 sats.

Previously, REN price bounced out of a strong demand area on the daily chart, formed above the all-time low of.00000309 on Binance.

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

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.

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

Although price dropped once more, I did not exit the trade, because I saw another bullish divergence with RSI forming on the daily chart.

I exited 50% of the trade at $8,625, and am still holding the remainder of the position as price confirmed a triple bottom on the 4-hour chart when it broke $8,535 - the swing high between the three bottoms.