Okay so this is what you want to see when you are trading short on a coin. You are looking for a coin that is basically a dying animal to trade short on. Who ever will take the butt end of this deal is beyond me. But somebody added this coin on Huiobo.pro and it's a great opportunity to trade against. And make some money.
As you can see, this is one of the few coins that are paired with the BTC/USD and when BTC goes up in value this coin barley goes one way or the other.
When trading short on coins that are more volitle it's more risky because both coins have allot of demand. Which is consistently rising and falling. If you have not noticed. Even when BTC is going down. This coin barely goes up if at all.
So IMO you should trade against that. You can just let it run for days and it will close out pretty low.
I'd be wary... its attempting to breakout of a 4 month pennant, so any directional move is likely to be very volatile. Additionally, accumulation seems to have just ended a couple of hours ago as you can see by the volume drop off after 2 months of heavy volume. Add to this the fact that they had great news recently and the tech is revolutionary if pulled off correctly. Plus its retraced 10x from ATH. This is literally a perfect candidate for a huge pump from both a TA and FA perspective. I would highly suggest against shorting.
StopLoss123
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@peepeeandpaapaa, There is no pedant. Also, the lower trend line just broke. So I just made $200 BTC on this trade. Sweet, Man am I glad I decided to trade short.
mors2024
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tell target plz and is bot for hsr?
StopLoss123
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@mors2024, It's impossible to say. Sense it is at the bottom of the ATR in a down trend. That lower trend line is very week. So it could break it at any time. That being said. it might hit the top support line. If that does happens, you better believe bears will win. The worst case scenario is that we get a 1 week bull run. Only to have it die in a bear run at the top support line.
atkelley22
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@StopLoss123, So basically, it wasn't a clear short play. Especially not a 300% short play. 750 level will undoubtedly hold. What really matters is what Bitcoin does. Until it stops fluctuating by 10-15% on any given day, alts will continue to bleed or stay put.
StopLoss123
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@atkelley22, well I opened the trade 2 days ago and I have seen a 20% ROI so far. I guess we will see how much more I can make out of it. You have to swing trade if you want to get a return at 300%. If you don't know how I can do it for you if you give me 18% of the profit. Also, yes what ever bitcoin does, greatly changes the outcome for the day. Each coin has it's own set of demand. And bitcoin influences it like a gate keeper on some coins. And not so much others like GVT.
atkelley22
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@StopLoss123, Looks like the short was a nice trade. Well done. I would be surprised if .000750 doesn't hold up.
StopLoss123
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@atkelley22, Thanks, May all your trades work the same.