I have been short since 9420. BTC has a clear resistance here as we can see, and with the last 3h candle closing a downward hammer just below 9400, I decided to take a short with a risk of $50 and a reward of between $200-$400.
Looking to take profit and potentially go long around 9070. It is possible that this short term bull run is over at least for a few days. Remember, we are in a long term bull run, short term bull run, and medium term bear run. It's much safer to long resistance at this point than to short at all. When I do take a short at times like these, it is with extremely tight stops.
Part of the reason I am shorting is because of the mass bullishness among the mainstsream. These are the best times for market makers to take advantage of the unknowing. If this crushes 8.9k downwards, the 8.4k plan is certainly still in play.
Trade safe. Set bids 9k-9.1k with stops below 8.9k for longs.
Looking to take profit and potentially go long around 9070. It is possible that this short term bull run is over at least for a few days. Remember, we are in a long term bull run, short term bull run, and medium term bear run. It's much safer to long resistance at this point than to short at all. When I do take a short at times like these, it is with extremely tight stops.
Part of the reason I am shorting is because of the mass bullishness among the mainstsream. These are the best times for market makers to take advantage of the unknowing. If this crushes 8.9k downwards, the 8.4k plan is certainly still in play.
Trade safe. Set bids 9k-9.1k with stops below 8.9k for longs.
Comment:
I would not short here if you're didn't already short. In fact, the risk reward for a long here with stops under 9.3k make a bit more sense. I have my stops very close and am continually moving them down in profit.
Comment:
Another thing to note - trading against the trend is a style of trading where a trader may lose 70% of their trades, with tight stops, and lose very little. But when said trader is correct, the profit far outweighs the small losses on the other 70%.
Trade closed: stop reached:
Stopped into a long in profit at 9293 (bitmex)
Comment:
As we move up, I do also have a stop buy set in place above 9450. Meaning if the price swings about that quickly, I will be "stopped in". With how volatile bitcoin is right now, this is another strategy some of you may wish to employ. Likewise, you can do that on the downside as well. Just make sure that your stop far enough above so that you don't get "stop ran" just to see the price reverse and turn the other way.
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Long stopped in profit at 9366. Reshorted on the small bounce avg of 9360.5 (bitmex).Stops in profit once again and we shall ride the waves whichever way they take us.
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*Stop at breakeven* currently.
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Update:
Stopped at 9450 as planned and rose my stop with a final take profit at 9540. Sat out and waited for the daily close which was a doji indicating indecisiveness at this level. I shorted after we broke back down below 9400 and then retested it.
Stopped at 9450 as planned and rose my stop with a final take profit at 9540. Sat out and waited for the daily close which was a doji indicating indecisiveness at this level. I shorted after we broke back down below 9400 and then retested it.
Comment:
Short plan still in play. Failed to break 9.5k once again and we have bearish divergences on several time frames suggesting a large and swift dip.
Trade closed: target reached