This morning was one hell of a show. One green dildo, double penetration.
https://cdn1.imggmi.com/uploads/2019/7/19/5f71c75a359595b2529d08fb948f3eb8-full.jpg
First bitcoin wipes out all the bulls by dropping to 9200 region. Many leveraged longs with loose and tight stop losses get closed out = fu**ed.
Next the price rose over 1200 in a hour to crush highly leverage shorts = fu**ed
Personally, I added to my another short position last night around 9600. I went to work this morning feeling confident about my move. Logged into my liquid account during lunch and found more than half my shorts were underwater. Since I own equity in Kraken, I get daily OTC volume reports as a perk. According to the report most the buyers had bids around the 8K region. My plan was to close my shorts ahead of them around 86-8700 and open a few leveraged longs to ride to 10k plus. Instead.... REKT! But you live, learn and move on to the next trade.
Trade Plan:
I still believe the macro picture is bearish. We continue to make lower lows and lower highs. We can still maintain the current bearish structure even if bitcoin gets rejected around the 12k region. I'm taking a risky move by keeping my shorts and adding more around this region. I got some breathing room since half my shorts were started around the 11600 region (very low leverage). However, a move to 12k would close some of my more recent shorts. If we do move to 12k, I have funds on the side to add more shorts. From a risk/reward perspective, this is horrible trade strategy/idea. However, these parabolic moves usually end up retreating pretty close to where they started. In this case, most the activity between 3-6k was irrelevant. The real parabolic move started around 6-7k. Smart money uses retail and FOMO buyers for liquidity and waits on the sideline to buy back at much lower prices. I believe a healthy bottom would be between 6-8k. My plan is to layer in some non leveraged long positions start around 8k. Hopefully, we don't break below 6k because that could lead to a prolonged bear market. With all the attention on bitcoin from congress, the Trump Administration, nation states, and others I personally don't believe we'll go back into a bear market. Good luck everyone. Please share your ideas below.
https://cdn1.imggmi.com/uploads/2019/7/19/5f71c75a359595b2529d08fb948f3eb8-full.jpg
First bitcoin wipes out all the bulls by dropping to 9200 region. Many leveraged longs with loose and tight stop losses get closed out = fu**ed.
Next the price rose over 1200 in a hour to crush highly leverage shorts = fu**ed
Personally, I added to my another short position last night around 9600. I went to work this morning feeling confident about my move. Logged into my liquid account during lunch and found more than half my shorts were underwater. Since I own equity in Kraken, I get daily OTC volume reports as a perk. According to the report most the buyers had bids around the 8K region. My plan was to close my shorts ahead of them around 86-8700 and open a few leveraged longs to ride to 10k plus. Instead.... REKT! But you live, learn and move on to the next trade.
Trade Plan:
I still believe the macro picture is bearish. We continue to make lower lows and lower highs. We can still maintain the current bearish structure even if bitcoin gets rejected around the 12k region. I'm taking a risky move by keeping my shorts and adding more around this region. I got some breathing room since half my shorts were started around the 11600 region (very low leverage). However, a move to 12k would close some of my more recent shorts. If we do move to 12k, I have funds on the side to add more shorts. From a risk/reward perspective, this is horrible trade strategy/idea. However, these parabolic moves usually end up retreating pretty close to where they started. In this case, most the activity between 3-6k was irrelevant. The real parabolic move started around 6-7k. Smart money uses retail and FOMO buyers for liquidity and waits on the sideline to buy back at much lower prices. I believe a healthy bottom would be between 6-8k. My plan is to layer in some non leveraged long positions start around 8k. Hopefully, we don't break below 6k because that could lead to a prolonged bear market. With all the attention on bitcoin from congress, the Trump Administration, nation states, and others I personally don't believe we'll go back into a bear market. Good luck everyone. Please share your ideas below.