Bitcoin is testing middle band of the channel DC ~6580, and if the daily candle is closed below this line (also taking into consideration core TIs) - then appears higher probability of going down to lower band of the channel DC ~6330.
At the same time, the flat movement might continue in the range 6450-6650 - so if your nerves are good, then you might try scalping it.
Generally, I think there is no good entry for longs/shorts at current levels - that's why I prefer to go with split position at lower levels, with these longs: 6400, 6250, 6150 (at Bitfinex).
Also, keep in mind that price differs at Bitfinex (current 6560) and at Bitmex (current 6480) - making it 80 points of difference. So, long entries at Bitmex would be lower by 50 points, namely: 6350, 6200, 6100.
Planned leverage is 2x-5x.
Trade safely.
At the same time, the flat movement might continue in the range 6450-6650 - so if your nerves are good, then you might try scalping it.
Generally, I think there is no good entry for longs/shorts at current levels - that's why I prefer to go with split position at lower levels, with these longs: 6400, 6250, 6150 (at Bitfinex).
Also, keep in mind that price differs at Bitfinex (current 6560) and at Bitmex (current 6480) - making it 80 points of difference. So, long entries at Bitmex would be lower by 50 points, namely: 6350, 6200, 6100.
Planned leverage is 2x-5x.
Trade safely.
Trade active:
At Bitfinex - long 6400 worked, but did not reach 6250 and 6150 (so far low at 6252).
And at Bitmex - all longs worked: 6350, 6200 and even 6100 (low 6005).
Considering the difference in prices at Bitfinex (due to the USDT aka Tether) and at Bitmex (as XBT is connected to the real dollar via Bitstamp and GDAX) - we have a spread of 125 units (the current price at Bitfinex is 6300, and at Bitmex is 6175).
I gave this reasoning to understand "where to put the stop so that it would not be knocked out." Therefore:
- at Bitfinex stop stays at 6000;
- at Bitmex stop shifts down to 5875.
In general, as long as Bitcoin is above 6000, there is no reason to say that we are going to update the bottom, for example, at 5500-5700.
Let's see how the situation will develop from the current level, because of price spread I do not want to be knocked out, and then the trend would turn up. It would be desirable to consolidate higher - so to be able to move the stop to B/E. This especially concerns with long 6100 (leverage 5x).
Trade safely.
And at Bitmex - all longs worked: 6350, 6200 and even 6100 (low 6005).
Considering the difference in prices at Bitfinex (due to the USDT aka Tether) and at Bitmex (as XBT is connected to the real dollar via Bitstamp and GDAX) - we have a spread of 125 units (the current price at Bitfinex is 6300, and at Bitmex is 6175).
I gave this reasoning to understand "where to put the stop so that it would not be knocked out." Therefore:
- at Bitfinex stop stays at 6000;
- at Bitmex stop shifts down to 5875.
In general, as long as Bitcoin is above 6000, there is no reason to say that we are going to update the bottom, for example, at 5500-5700.
Let's see how the situation will develop from the current level, because of price spread I do not want to be knocked out, and then the trend would turn up. It would be desirable to consolidate higher - so to be able to move the stop to B/E. This especially concerns with long 6100 (leverage 5x).
Trade safely.
Trade active:
Bitcoin moves up slightly.
I remind you that my current longs are:
a) at Bitfinex 6400 and 6250;
b) at Bitmex 6350, 6200 and 6100.
Current price at Bitfinex is 6386, and at Bitmex is 6242 (spread is 145 USD).
Now I would do the following steps:
a) at Bitfinex I continue to run longs. Stop is moved to 6300.
b) at Bitmex I also continue to run longs, especially 6100 (5x). Stop is moved to 6150.
I remind you that my current longs are:
a) at Bitfinex 6400 and 6250;
b) at Bitmex 6350, 6200 and 6100.
Current price at Bitfinex is 6386, and at Bitmex is 6242 (spread is 145 USD).
Now I would do the following steps:
a) at Bitfinex I continue to run longs. Stop is moved to 6300.
b) at Bitmex I also continue to run longs, especially 6100 (5x). Stop is moved to 6150.
Trade active:
Trade closed: stop reached:
An unexpected start to the trading week.
Yesterday I moved up stops to 6300 (Bitfinex) and 6150 (Bitmex) and it was not exactly the right decision, as just a couple of days ago I wrote “I do not want to be knocked out by stop, and then the trend would turn up”.
Well, yesterday I have moved stops to B/E (taking into account the leverage), and before this pump they were knocked out only by few dollars lower: I made a mistake of $6 at Bitfinex - a shot to 6294, and mistake of $8 at Bitmex - a shot to 6142 :-(
In further games with bitcoin during this pump - I did not play, because I have a pending order (buy) on XRP. Buy at 0.46 and there is already a first "take profit" at 0.5, i.e. result + 8%.
A knocked out stop for a long 6100 with leverage 5x - now it “bites” me a bit, especially looking at how high it has already jumped.
Yesterday I moved up stops to 6300 (Bitfinex) and 6150 (Bitmex) and it was not exactly the right decision, as just a couple of days ago I wrote “I do not want to be knocked out by stop, and then the trend would turn up”.
Well, yesterday I have moved stops to B/E (taking into account the leverage), and before this pump they were knocked out only by few dollars lower: I made a mistake of $6 at Bitfinex - a shot to 6294, and mistake of $8 at Bitmex - a shot to 6142 :-(
In further games with bitcoin during this pump - I did not play, because I have a pending order (buy) on XRP. Buy at 0.46 and there is already a first "take profit" at 0.5, i.e. result + 8%.
A knocked out stop for a long 6100 with leverage 5x - now it “bites” me a bit, especially looking at how high it has already jumped.