Xzhi
Short

Bitcoin (BTCUSD) Bitcoin may be rejected at 8600+.

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
I have been on a hiatus from posting charts after taking a pretty big loss back at 4250 levels, but after scalping and longing the bull market, the hurt is gone. My BTC holdings have gone up over 2x despite my failed trade at 4250s, which makes things feel much better.

After consistently being wrong about Bitcoin price movements, (as I had the bear market mentality), I decided to stop posting bad charts and just scalp/trade without sharing any ideas. It took a lot for me to post this chart today, but I will post my previous private charts in the related ideas section so you can see my previous thoughts. I only decided to post this chart after I felt more confident about myself.

Right now Bitcoin has moved upwards after a massive dump, but there is significant volume traded at 8600+, which should be resistance and could lead to a bitcoin drop . However, as this is a bull market, there is a high chance for it to just keep on heading up and ignore everything.

I have placed short orders from the current price to 8800 with the hope of Bitcoin being rejected.

Thanks for viewing! Posting another bearish idea after repeated failures of bearish ideas seems like the wrong thing to do, but I decided to post my current thoughts, and I happened to think this was bearish . I was bullish at 7800 before the move upwards, so it's not like I have a permanent bear bias. I am actually very bullish on bitcoin in the long term, as you can see from my longer term ideas.
Trade active
Comment:
Trade closed: target reached: I want 7900 but will close if bottom formation occurs. (Extreme selling followed by move upwards)

No matter how Bitcoin reacts this trade will be closed in profit.
Trade closed: target reached: Closed most at 8400 for 4%+ profit.

This could go lower, so I want to hold some of my original position to be safe.
Trade closed: target reached:

Entire trade fully closed
It seems like it's going up before having a correction.
Reply
Trading kicks everyone’s ass from time to time. Just keep improving. It’s the ultimate profession to teach humility.
+1 Reply
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