Be Very careful premature bulls...bitcoin is grinding into resistance on weakening volume while printing bearish divergence on the 4 hour. Could we explode upward on large volume and confirm a breakout of the range? Of course, but right now the technicals are pointing to a weak push into resistance. I am flat currently but am considering a very small/tight stop short with orders between 4130-4200. I think we are going to correct downward soon UNLESS volume comes in to back up this move.
Good luck guys,
Red Boar
Good luck guys,
Red Boar
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Well thank goodness I didn’t short it. Shorts moved to 4490 after breakout with no stop loss. If we break above it and continue to 5k rip me. Either way...I will assess in the morning after. Stay safe fellas
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If we go straight to 6k I am ded
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Ok update.. half my bitcoin stack has been hedged short with entry average at 4573...looking to hedge the rest of we go up to 5k-5200...not net short just hedging with small positions as we move up
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Now hedged 60ish percent average of 4710...not great but will continue to hedge until 100 percent. Hoping to catch a wick to 5200-5400 if we keep going then I guess I just have to re adjust when things settle.
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One important thing to remember here guys. 9/10 times longing resistance is a bad idea just like shorting support is a bad idea. I have gone broke and destroyed multiple accounts making that very mistake. Learn from me, it is better to have closed your leverage longs at resistance. Good job to anyone who caught the pump on leverage... I was wrong on this one but next time I will be right!thanks to all for the support and I am sorry my call was wrong!