Bitcoin
Short

Sell and buy back later

Updated
It has broken down from the 4h bullish trend line and I am going to short it to the targets shown.
Once it reaches there, I will be looking for buy opportunity.

See you downstairs , yahoo............
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Praise the Lord and congrats to those who followed. The first level of support been broken down. Let's see if it will revisit the second one.
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A bearish engulfing candle now. It will reach the 2nd target and perhaps even lower. No buying as of now. If you want to learn to short sell, pm me.
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we took partial profits to deploy to other promising counters and adjust our trailing stop loss. the 2nd target is near.
Trade closed manually
we closed our position at 8570. congrats to those who followed.
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I was asked this question recently. Is support and resistance a guide or a must have in the chart ? To the best of my knowledge, I prefer it to be a guide than a must have rule. This is because when we attach too much expectation on an indicator/guide, we find it hard to accept when it fails to go to that level.

So, in the above example (and many more if you scrutinised the charts you have vested interest in) , you would see 8296.50 was not touched before it rebounded. Will it revisit 8296.50? Sure, that is a possibility as well. But for now, when you draw a trend line from 9981.61 to 1 Mar 20 peak, then you would see clearly the price action has broken out of the bearish trend line. That is when we know to get out. Since we do not know if this is a genuine or fake breakout, we lean on the margin of safety and get out to lock in the profits. We can always get back later.
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cnbc.com/2020/03/09/bitcoin-btc-and-other-cryptocurrency-prices-plunge-after-oil-drop.html

Those who sell at 9119 level, a BIG HEARTIEST CONGRATS !!! WELL DONE !!!

Those who like me , exit too early, worry not , just be contented with your profits and there will be another opportunity.
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