Sherem
Short

BTC looking Bearish

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Position: Bearish .

First off, I will not be trading this, I will be trading Ether and Litecoin as I think they have more upside potential. However, I wanted to give an update from my last BTC call. We had a nice bounce off of the 8k area and I hope you all took your profits when it hit in the 9k area. I would be cautious as it approaches this 8k area again. We have support points at 8k, 6k, 5k and down to 3.5k. If you are going to trade it I would start by putting martingale points(you must read up on the martingale strategy if you don't know what it is) at 8k with a small position all the way down to 3.5k. Anticipating that it bounces off those points, I would look to take profits once it comes back to the 7.5k-8k range. At this point, you could possibly hold on to half of your position for a reversal, but we won't know for certain until we see how things react once everything transpires.

For a reversal to fully happen we will be looking for a "higher high", break of a short-term trend line , etc.. any of those things, which hasn't really happened yet, the bears have remained under control.

All my posts are not intended as financial advice, just me sharing what i am doing for my trading positions.

Don't stress, pick your points and don't use leverage.

Sherem
Trade closed manually: Start taking profits, I am out of the trade
All my posts are not intended as financial advice, just me sharing what i am doing with my research and positions. Don't stress, pick your points and don't use leverage. Check out my site https://www.halcyontrades.com/
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