(In this post I say to close 8480.. it went so vertical so quickly that the target, or close at 8476 came and went before I was done typing! I ended up closing closer to 8400, oh well)
SO! Bitcoin did some funny things today. As expected, the price dropped dramatically and hit my targets of 8.2 and 8k, but I was not expecting such a violent jump up after the 8k bounce! Luckily my long orders were already placed.
Possible resistance levels are 8500, 8800, 9000, 9200, and then above 9200 it gets crazy. We'll talk about that if we go that high.
For now I would close your positions around 8480 and wait for the next bit of action. We are unlikely to FOMO all the way up to 9k, but it is possible. Holding past 8500 makes it more likely that you're going to get caught in a dip.
We are now going VERTICAL which is never healthy. It means people are FOMOing in and a pullback WILL come, the question is when.
This is one of the reasons it's very important to know your entries and exits ahead of time- sometimes, the entry or exit you want is only going to be there for a very short period of time.
A great tip: for example, if you want to buy 8000, put your orders for 8010ish. As the price approaches your entry, observe momentum. If the momentum begins to slow before your entry comes, and indicators are pointing to a reversal coming soon... it may be a good idea to shift your entry such that you actually get to enter the position.
DISCLAIMER: I talk a lot about trading on margin... Do NOT DO THIS if you are not an experienced trader. You will get rekt.