Leo short - Bitfinex is dead
Updated
Hello, altho Bitfinex is a dead exchange for some random reason the exchange token LEO is still near ATH.
Leo seems to trade in a triangle and im planning to take a short at the resistance with close stoploss.
Warning: I wouldnt be surprised if Bitfinex vanishes in this bear market. It is an exchange from criminals. Tether (which is from the guys from Bitfinex) is likely unbacked, to what extend is hard to say.If you have funds on Bitfinex, be careful and be ready to loose it in case they Tether guys are vanishing. Not saying its likely, but theres a ~20% chance this is happening. which is way to high to risk it.
Red flags all over the place: bennettftomlin.com/2021/06/21/a-non-exhaustive-list-of-bitfinex-and-tethers-misdeeds-and-red-flags/
So shorting Leo is pretty rational as it is the exchange token of Bitfinex.
Leo Burns are currently nonexistent: theblock.co/data/crypto-markets/exchange-tokens/leo-burns
Im highly recommending stoploss (as for most of my trades), as the Leo price is likely manipulated as it doesnt make any sense that it is still so high.
DYOR and only invest what you can afford to loose.
Crypto is very very likely a Bubble, please "invest" carefully.
Leo seems to trade in a triangle and im planning to take a short at the resistance with close stoploss.
Warning: I wouldnt be surprised if Bitfinex vanishes in this bear market. It is an exchange from criminals. Tether (which is from the guys from Bitfinex) is likely unbacked, to what extend is hard to say.If you have funds on Bitfinex, be careful and be ready to loose it in case they Tether guys are vanishing. Not saying its likely, but theres a ~20% chance this is happening. which is way to high to risk it.
Red flags all over the place: bennettftomlin.com/2021/06/21/a-non-exhaustive-list-of-bitfinex-and-tethers-misdeeds-and-red-flags/
So shorting Leo is pretty rational as it is the exchange token of Bitfinex.
Leo Burns are currently nonexistent: theblock.co/data/crypto-markets/exchange-tokens/leo-burns
Im highly recommending stoploss (as for most of my trades), as the Leo price is likely manipulated as it doesnt make any sense that it is still so high.
DYOR and only invest what you can afford to loose.
Crypto is very very likely a Bubble, please "invest" carefully.
Note
Entry: ~5.7 USDStoploss: 5.93 USD
Note
as far as i know ftx is the only exchange which has Leo perp to short it, so this might only be possible for people on ftx.Note
as the potential triangle broke to the downside without another resistance test i took a short here with sl at white line
Order cancelled
well momentum doesnt fit for a triangle break, closed at 0 loss/profit.Leo behaves like a low cap while having big mcap, pretty unpredictable.
it was a stupid idea to open a position in the first place.
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