Bitcoin / TetherUSShort
Btc Bearish Count - Rough Draft
Somehow I got my 5x short filled at $52,940 earlier. The Binance chart showed that price only went up to $52,920 but on the exchange I was using the target got hit. Luckily I checked! Now I can set a stop loss, either in profit or a bit higher up.
Also hedged with a long I've taken on GRT since .88. I'm perfectly fine with getting my stop loss hit in profit on that trade as long as BTC decides to take a deep dive from here; if it does not however then my BTC stop loss will get hit and I will continue to ride up my profits in GRT.
I was waiting for the monthly RSI to hit 70 exactly and/or for price to touch the bottom of the May 3rd weekly candle to open short. I don't know if we quite hit 70 but, close enough! And of course we barely kissed the bottom of that candle.
Now the question is, do we keep going up anyway?
If btc goes up any further from here, I'm going to strongly consider the macro taking us all the way to over 60k, before dropping only about 15k or so in October; then a steady climb upward and a blast off in a massive cup and handle formation in November.
To be clear - no matter what - we should be bullish from November onward, no matter where we are when we get there. A fundamental upgrade to the bitcoin blockchain is a massive catalyst for an epic infusion of capital into the space.
Many of us who were hoping for a September/October flash crash, we need to be realistic and pivot on that idea if need be. If we missed the bottom, so be it! We can still make crazy money in a bull market that is just gearing up for a second, even more euphoric phase. The window of time for a crash grows smaller with each passing day, so if all signs begin to point to a relatively minor correction then we should flip long at the likely points when the time comes with low leverage if need be. And with eth currently creeping so close to aths it seems more likely that it will fall to around $3,200, create a cup and handle formation of its own and blast off to new aths... which means that such a move would drive bitcoin back upward as well.
Here I am, providing a bearish chart on bitcoin and talking probabilities of bullishness! I guess I just hope the top is in for awhile and this short works out on an absolute epic scale... but if it doesn't, I'm just going to keep changing gears with day trades until we finally DO reach the next macro swing point!
Also hedged with a long I've taken on GRT since .88. I'm perfectly fine with getting my stop loss hit in profit on that trade as long as BTC decides to take a deep dive from here; if it does not however then my BTC stop loss will get hit and I will continue to ride up my profits in GRT.
I was waiting for the monthly RSI to hit 70 exactly and/or for price to touch the bottom of the May 3rd weekly candle to open short. I don't know if we quite hit 70 but, close enough! And of course we barely kissed the bottom of that candle.
Now the question is, do we keep going up anyway?
If btc goes up any further from here, I'm going to strongly consider the macro taking us all the way to over 60k, before dropping only about 15k or so in October; then a steady climb upward and a blast off in a massive cup and handle formation in November.
To be clear - no matter what - we should be bullish from November onward, no matter where we are when we get there. A fundamental upgrade to the bitcoin blockchain is a massive catalyst for an epic infusion of capital into the space.
Many of us who were hoping for a September/October flash crash, we need to be realistic and pivot on that idea if need be. If we missed the bottom, so be it! We can still make crazy money in a bull market that is just gearing up for a second, even more euphoric phase. The window of time for a crash grows smaller with each passing day, so if all signs begin to point to a relatively minor correction then we should flip long at the likely points when the time comes with low leverage if need be. And with eth currently creeping so close to aths it seems more likely that it will fall to around $3,200, create a cup and handle formation of its own and blast off to new aths... which means that such a move would drive bitcoin back upward as well.
Here I am, providing a bearish chart on bitcoin and talking probabilities of bullishness! I guess I just hope the top is in for awhile and this short works out on an absolute epic scale... but if it doesn't, I'm just going to keep changing gears with day trades until we finally DO reach the next macro swing point!
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