st8h8
Short

bfx channel

BITFINEX:BTCUSD   Bitcoin / Dollar
97 6 2
retraced 4h candle - did not even reach the channeltop, bear div             , high price on very thin volume/orderbook.
i don't expect the bull-trendline to hold this. more likely entering the blue channel.

edit: altough i'm just shorting to cover my longs.
Can you explain shorting to cover longs? Thanks!
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for instance if u were long since 240s or 260s (but not all-in) and we reach a price-region where we could start a retracement (that shouldn't go below ur long entry!), u open up shorts with ur left tradingbalance/unrealised long-profit. the proportion depends on ur sentiment, market-analysis and ur still open long position. so u don't have to close ur longs if u think we are heading upwards in the near future. when the retracement starts u wait for the settlement to close ur shorts with a profit and have still ur longs open (idealy still with unrealised profit and continuing uptrend).

hopefully this helps! enjoy our ride. (:
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st8h8 st8h8
edit: in case the uptrend is over and market is heading below ur long-entry, u could close the longs and have still a winning short-position open.
Reply
st8h8 st8h8
updated/detailed.

snapshot
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st8h8 st8h8
280 holding for now - if uptrend resumes, now should be the moment to open longs.
snapshot
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