As I mentioned before
I've been scaling in long since 8200 all the way down to 7900, holding the longs when it reversed from 8600. And now bitcoin is retesting 8200.
This time, I'm reviewing my position as planned..
We are in the green box where fakeouts happened before. Fakeouts over fakeout. But we are at triangle apex. We need a plan.
Bullish Scenario:
It bounces and retest upper trendline. I can short partial position there and see if it breaks out forming new bullish trend
Bearish Scenario:
Red box breached. It goes to sub 8K so it's not a fake out. Then bear trend continues. Short full all-in leverage 1x. Stop loss determined later.
Note:
I trade in Bitmex, short 1x all-in is safe. mathematically my liquidation price will be far away from entry. We can say will never be liquidated. You have to do your own research shorting in another exchange.
I've been scaling in long since 8200 all the way down to 7900, holding the longs when it reversed from 8600. And now bitcoin is retesting 8200.
This time, I'm reviewing my position as planned..
We are in the green box where fakeouts happened before. Fakeouts over fakeout. But we are at triangle apex. We need a plan.
Bullish Scenario:
It bounces and retest upper trendline. I can short partial position there and see if it breaks out forming new bullish trend
Bearish Scenario:
Red box breached. It goes to sub 8K so it's not a fake out. Then bear trend continues. Short full all-in leverage 1x. Stop loss determined later.
Note:
I trade in Bitmex, short 1x all-in is safe. mathematically my liquidation price will be far away from entry. We can say will never be liquidated. You have to do your own research shorting in another exchange.