Community post
Short Bitcoin $10,100 - Short term target $7500 - Stop $11000
We are shorting Bitcoin here after some very bearish indications have shown up on the 4 hour chart.
We can see below a Head and shoulder pattern coming up into the descending trend line of the wedge on the daily chart. The false breakout of the wedge and the H&S reversal pattern give us a strong enough sign that BTC still wants to come down. Hopefully into the BUY ZONE that we recently posted around 6600.
Replies (10)
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by Crypto-moon from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.
I don't see it that way, @cryptobroye. I think that BTC and other virtual assets (VA) AKA cryptocurrencies cannot be charted as with stocks or other financial instruments due to its small market size and can be easily manipulated and has been - pump and dump happens a lot - just look at the volume spikes on any VA / CC charts.
Looking at it more closely, as I have when buying or selling, sometime it is so obvious that some traders are entering and then cancelling orders in an attempt to take advantage of others who are not actively trading or investing. In times like these, I'll apply one of my rules and set it and forget it.
For most people, with stakes less than $10,000 on each VA / CC - just one BTC approximately - what is to gain or lose for the time watching and trading even when you catch the top and the bottom on one swing?
Doing so might gain a few hundred or even a few thousand dollars and then what if you are wrong? You give it all back the next time or more. Or, you sold or shorted and totally missed out on the explosive upside?
I know the feeling - in 2016 when BTC came down from over 400. I wanted to buy but didn't - trying to time the market (violating my own rules - not developed back then). I then watch it went up to 1,000. BTC prices never come back down to where I initially wanted to buy but was waiting for a lower price.
So, that is why I set my rules:
https://steemit.com/trading-rules/@freedomshift/7-rules-for-trading-investing-hodl-virtual-assets-aka-crypto-currencies
I tink in the correct position!
BTC has broken the trendline after making a superb run from 9300-7800-$8000 level
The markets are manipulated all too often your right, but i have risk management in place. This trade is still a set and forget for me. My stop is at 7500 and I will let this play out. 2:1 R:R.
I come from a day trading background I'm used to rapid in's and out's and I'm also used to 2-3-4 day long swing trades and that is what I expect this trade to be.
As i say, yeh manipulation is everywhere, but if i spent my life watching and waiting for a fundamental release on a stock wondering how it will move, instead of just trading the Technical's with good Risk management id never open a trade!
Its the same with crypto's i can sit by knowing the market could be manipulated against me at any time and wonder what way it will go, or I can do what I do best; read the charts, make the trade, put my risk management in place and let the market do its thing :)
Its actually 9000 and the rest at $7500.
It seems that way right now yeh, its looking nice. I think its pretty sure about itself, im seeing 6500 even.
It is great that you have the experience, expertise and capital to do these trades and make it worth your time. The details that you have provided will help readers understand - what makes sense for @cryptobroye might not for most others.
Rule #7 in my 7 rules, will be explained and it will talk about the 10,000 hour rule as well as life-long learning.
All the best!
Perhaps, we can call this "the battle at BTC - $10,000".
Experience is definitely key in shorter term trades. For the most part, doing all of things needed to make a successful day/short term swing trade can be tough especially when you have to battle with emotion too.
As always knowledge is the best weapon to use against fear. If you know how to manage your trade and your risk and you do as you have said, Set and forget, you will be fine. Day/swing trades should be analysed, entry and exits defined, set and left to play out. If you don't just leave it to play out, you just find yourself REANALYSING and you will convince yourself out of a good trade.
So yeh I would say - to anyone that follows my shorter term calls to either follow them EXACTLY with set orders for stop loss and target and leave it to play out, or simply don't trade them at all :) I want to help people to make money not the other way around!