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Lucron
Jan 27, 2020 9:54 PM

Am I crazy enough to short bitcoin? Short

BITMEX:XBTUSD.P240
Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX

Description

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Ok, so shorting the fastest appreciating asset on the planet isn't for the faint of heart. But hear me out. We are currently on an uptrend across multiple timeframes, BUT, we are getting real extended on the 4hr TF. We're approaching our key resistance level at $9200, and we haven't seen any sort of pullback on the 4hr TF. So, I'm thinking there is a top fishing play here. Risk is real small. Short as we are approaching $9,200 (assuming we do so without a pullback) and cover on the 4hr pullback. We'll make a higher low, and flip that ishhh and go long! Happy trading!
Trend AnalysisChart PatternsBitcoin (Cryptocurrency)cryptoCryptocurrency
Comments
Bitduke
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why not, good place for hedging
Lucron
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@Bitduke, yeah, agreed!
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