Patience may pay here if you have been sidelined from crypto. This dip is producing some decent odds for a bounce, even if we don't make new 2019 highs. The idea here is to catch shorts entering or adding below July lows. While losing 10k is potentially the beginning of the end, a relief rally overtaking and back-testing it would produce a swift face-ripping bull run. The important thing for making plays like this work is to follow your plan. I have a long-term buy zone a bit lower, so no shame in ditching another bullish trade and jumping in again later if we continue to puke (for even better long-term odds).
We're already getting some oversold signs on the smaller time frames and sustaining a bullish trend on the long-terms. Note the strong relative volume around 9600-10k. Watch that area for a rip and successful back-test, or just leg-in on strong-volume dips as I'm doing (easier to get filled at your price rather than marketing in imo, depends on your trade size). planning on selling at least a portion if/when we crack 12k, then back in again on the next successful test of 10k. If this trade or that hypothetical future dip-buy at 10k one fails, I'l be camping out with buys scattered in the 7k's. Only short I see for now is following a failed back-test of 10k. Odds here aren't good enough for the short imo.
Were I short here, I'd be covering. Instead, I'm selling stocks and buying crypto
We're already getting some oversold signs on the smaller time frames and sustaining a bullish trend on the long-terms. Note the strong relative volume around 9600-10k. Watch that area for a rip and successful back-test, or just leg-in on strong-volume dips as I'm doing (easier to get filled at your price rather than marketing in imo, depends on your trade size). planning on selling at least a portion if/when we crack 12k, then back in again on the next successful test of 10k. If this trade or that hypothetical future dip-buy at 10k one fails, I'l be camping out with buys scattered in the 7k's. Only short I see for now is following a failed back-test of 10k. Odds here aren't good enough for the short imo.
Were I short here, I'd be covering. Instead, I'm selling stocks and buying crypto
Trade closed: target reached:
YESSS!! What a freakin trade! OUT!