Dusk Worth the Risk?
Before the BTC wobble I had a target of 0.104 to buy Dusk, luckily we went lower and I was able to get some at 0.099, not the lowest it went but either way happy to buy at this price.
I'm gonna keep this chart clean a simple. I'm taking the gamble on Dusk right now, my BTC target was 25k which we went lower than but it's hard to pick an exact bottom and we bounced pretty rapidly back up above 25k in the same hour candle. For me this feels like the bottom is in and seeing how much buying pressure there was on the hourly time frame gives me a little more confidence in this.
My first Buy was in "Buy Zone (Support 1)", when we've previously hit these levels the following days have normally resulted in a move towards the upside, I believe this is a strong support and has held on previous BTC dips
My second by would be the next level down between .08 & .074, this level I would class as the absolute bottom and another target for where I would DCA.
I am currently Long from 0.09931 with a Stop at .07124, I have funds aside to either double down or add to that position to support it more, will decide on what to do depending on what's going on in the market.
My safe target for this Long would be around .15 but my riskier target is around .40, .40 wont happen overnight and is essentially a Long Spot position to take advantage of these low prices.
.40 is where I will target but I am willing to hold this position open for awhile, as long as Funding rate is positive the cost of holding this open shouldn't be much of a concern. I believe that the risk reward ratio is in my favour but time will tell.
Position Open - 0.09931
TP - 0.15 (0.40)
SL - 0.07124
Duration - GTC
I am not a financial advisor, I just use this to share my Ideas and look back at them and see where I went wrong.
I'm gonna keep this chart clean a simple. I'm taking the gamble on Dusk right now, my BTC target was 25k which we went lower than but it's hard to pick an exact bottom and we bounced pretty rapidly back up above 25k in the same hour candle. For me this feels like the bottom is in and seeing how much buying pressure there was on the hourly time frame gives me a little more confidence in this.
My first Buy was in "Buy Zone (Support 1)", when we've previously hit these levels the following days have normally resulted in a move towards the upside, I believe this is a strong support and has held on previous BTC dips
My second by would be the next level down between .08 & .074, this level I would class as the absolute bottom and another target for where I would DCA.
I am currently Long from 0.09931 with a Stop at .07124, I have funds aside to either double down or add to that position to support it more, will decide on what to do depending on what's going on in the market.
My safe target for this Long would be around .15 but my riskier target is around .40, .40 wont happen overnight and is essentially a Long Spot position to take advantage of these low prices.
.40 is where I will target but I am willing to hold this position open for awhile, as long as Funding rate is positive the cost of holding this open shouldn't be much of a concern. I believe that the risk reward ratio is in my favour but time will tell.
Position Open - 0.09931
TP - 0.15 (0.40)
SL - 0.07124
Duration - GTC
I am not a financial advisor, I just use this to share my Ideas and look back at them and see where I went wrong.
Trade active:
Just took profit at this level closing 50% of the trade.
Mainnet is round the corner for Dusk but the price could still take a hit with BTC looking to come down a little more. If Dusk closes in on that 0.1 level I will add more too this position
Target is still 0.15
Mainnet is round the corner for Dusk but the price could still take a hit with BTC looking to come down a little more. If Dusk closes in on that 0.1 level I will add more too this position
Target is still 0.15
Trade closed manually:
Had to close this position due to ByBit removing futures options next month, closed in profit taking around $850. Will see how Dusk reacts over the coming months and consider entering another position on Kucoin