Bitcoin Price Diary: Long BTC From $6.5K and Back in Altcoin Positions

When price moved up, I raised my stop-loss, which eventually hit at $7,060 - I was very happy to stop out at a small loss when I saw the price drop to the mid $6,000s.

I was eyeing the $6,500 area for another long for days and opened a position when price arrived there, with an average entry of $6,550.

Bitcoin price was showing potential bullish divergences on every time frame below the weekly with oversold conditions on the Relative Strength Index on the daily time frame and on shorter timeframes.

If the price is going down on diminished volume, it is often a sign of a looming reversal.

This coincided with a touch of the 70.5 retracement, known as the optimal trade entry for institutional traders, and also amounted to price dropping below the famed "Golden pocket" around the 61.8% retracement.

Bitcoin price pumped quickly, topping out just above $7,400 on most exchanges.

I was able to exit the majority of my position at $7,250 for a gain of 10.6%. I have raised my stops on the remainder of my position to below the green zone pictured below and I will continue to raise them as a manual trailing stop if the price continues to rise.

The price held the key support line and continues to move within an ascending channel.

These types of setups are among my favorites because I can justify raising my stop-loss with the channel as price goes my way.

I will move this up with the price as the support is ascending.