I'm thinking there is a short entry here as BTC retests the broken trendline
Daily chart:
Trade active
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Shorted. Targeting $800
Comments
IvanLabrie
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Extremely dangerous I'd say. Good luck though. I'm leaving BTC alone for a while, only holding long term positions personally.
I_see_BTC
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@IvanLabrie, Right you were, lol. I just can't resist trading a broken trendline, though. Case in point, I grabbed a long here hoping to ride up to the bat pattern completion (seemed too impulsive to recommend so I didn't post it. Still don't recommend it... watch and wait for the bat).
But overall, yeah, both the ETF decision and potential hard-fork have put BTC back into whitewater-rapids-mode for the time being. I'm still buy-and-hold for the long term, of course, but I think there may be opportunity soon with short-sighted weak hands feeding a natural pullback. The question, naturally, is 'how low will they go?'
IvanLabrie
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@I_see_BTC, I saw it as a bear trap, in a range scenario. I'm holding long term longs only atm, after a ridiculous winning streak during the huge ETH trend. Better to relax for a while.
I_see_BTC
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@IvanLabrie, It's never, ever a bad idea to relax and count da money after a win :-) !
JackV.DerSchlesien
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What do you mean by targeting 800? By shorted you mean "i bought at current price (1008)"? If so the target should be higher then buy price not lower. Much appreciated.
I_see_BTC
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@jackv.DerSchlesien, Sorry I'm so late responding. By shorting I meant "sold at current price, expecting to buy back at lower price (ideally 800) and keep the difference as profit". The opposite of this is "long" (buying at current price, expecting sell later at a higher price and keep the difference as profit). This is called margin trading (done through a broker) and allows the trader to speculate on (and potentially profit from) both price increases and price decreases of a given instrument in a given time period. Hope this helps!