Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Are you a bull or a bear? It doesn't matter much here to be honest.
This one isn't hard. The resistance and support areas for BTC are obvious.
Are you a bull and you think BTC is going back to 20k and than 50k or maybe up to 250k? Maybe someday it will... But even if BTC found it's bottom and we are now in uptrend it's just very unlikely for the price to sky rocket through 6k. So why not short it?
After it bounces from the resistance the only support at the moment lies down at ~4250 area. It's really not much else in between. No man's land. At least for now. I expect price will stay between in 4.2-6k area for quite some time as well.
It's hard to imagine that BTC will switch from bear to bull mode so smooth (even if some alts suggest so). So we should get some retests of lower level(s). Some ugly red bars to get rid of all of panic sellers.There will be plenty of them. Than you can go long. As a trade or even more as long term hold if you want.
Are you a bear? Just short it. Take some profit at support and hold some if you think we will see new btc bottom. Short again if it comes back to resistance at 5850.
You must be wondering what if price slices through resistance. Well guess what --> You are risking around 4% to gain 25%. This trade needs to work only one time out of 7. So if you think there is like 20%+ chance price will bounce of the resistance at around 5850 than this trade is printing money on the long run. Even if you got stopped out more often than not.
The supporters will get all the help you need to learn how to use different trading platforms AND understand risk management in trading. So now your account can be safe. Do you know why you should always use Stop Limit instead of Stop Market on BitMEX if you don't want to wake up someday with an empty account?
You can also choose to just simply donate to one of my addresses: BTC: 12qe5buhPQTAEnqmMYBNafymePd9BAgqJT ETH: 0x134c60f13c48fe1ea48b10f980a2c68070f1bf82 LTC: LTuRNgXDU2ojj7DseX4GRhQcFyJzXo82mn
I always suggest trading on demo accounts at least until you have decent sample size of trades without losing money.
I'm shorting it all the way back to $4000 area. PUMP and DUMP April Fool's! =D $$$
Metiu
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@mightytrader,
Yeah I'm planning to close most of it around 4000. But I can decide to close 1/3 before this if price will develop another support/resistance area (let's say around $5000).
mightytrader
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@Metiu, Just under $4300 is my target. I think it can go lower but I don't want to bet on it... I want a successful trade. This might take a week. I will be cautious about support and resistance... The WHALES will fool most trades by making it seem like 5k is holding fine. In fact, I think they could pump one more time to $5300 area.
Metiu
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@mightytrader, At least tight stop loss if it's going under 4300 for sure. No greed needed as this might turn out to be counter trend trade.