COINBASE:BTCUSD   Bitcoin / U.S. Dollar
- below weekly 200 sma .
- dxy going up.
- ? Weekend incomin soon. Dont use anything more than 2x to trade this shite. Its moving like a bullet - High leverage will get you rekt.

- Play it safe, Use the weekly 200 SMA as a guiding point, It broke the 5.8k support last week.
- Don't trade this more than 1-2x. You will get rekt.

mkay bye.
Comment: Although i feel the future direction is down..Timing the top is gonna be hard. Wait for break of trend and then short (if using higher leverage.)

Markets can remain irrational for long time, so if for any reason weekly closes above 200 sma that would be your exit signal.
Comment:
Comment: uhh if this 4h closes above 6550 i am downgrading my short from 2x to 1x.
Comment: 10% up within 1 hour fucking crazy movements. Thats why you dont use high levrage. Anyways - I think max pain for bears lies around 8k area. Although this 6.5k area is a pretty strong resistance as well.
Comment: Hello friends,

weekend update.
Comment:
The black line is the longer term downtrendline - which price has failed to break in the daily.

Have a 1 or 2x short position at these 6.2k - 6.3k levels. Take off position if 6.4k resistance falls.

However, If bitcoin breaks the blue trendline in the above chart - you can manaage your risk and position sizing based on that.

Eagerly waiting for weekly close which is going to be very interesting!.

Have a good weekend everyone, Don't use high leverage, dont get rekt!
Comment: Just another thing friends, There is still a chance this idea can go tits up, Thats why it should be managed very carefully. If there is any signs of 6.4-6.5k resistance falling i will be out of my short and re-assess market.
Comment:
Decision point soon

- weekly closes today.
- Possible resolution of the trendline as well.

watching the 6400 level, if it breaks i will take short position off and likely flip bias.
Comment: note - flip bias only if weekly closes at current prices. I will take off short for a bit if 6.4k resistance fails. till then..
Comment: TBF i am out of the short now at 6300. Will reshort if this goes breaks below 6200. But for now out and watching price action.
Comment:
Not shorting this again till price breaks trendline tbf.

Markets can remain irrational and can rekt anyone who gets overconfident.
Comment: re-shorted 6200
Comment:
Trade closed: target reached: hello all. sorry forgot to update. i took profits off 5820 after price failed to break the weekly 200 sma. Neutral outloook for now!

Comments

totally missed that trend line, great look, thanks!
+1 Reply
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