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
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