During this market-wide drop, the #BTC livestream kept calling for a major breakdown for several days, but nothing happened. My short position has an average entry of 80,900, and I’ve been holding it without closing. My plan was to add in batches if it moved back up to 82,400, 82,700, and 83,100. I didn’t expect last night’s huge 4-hour bullish candle to shoot straight up and then reverse sharply, before the price plunged through support in the early hours.
A lot of people will say the drop was caused by hackers. In fact, the hack and stolen coins only accelerated the decline. The market had already been stuck between 79,200 and 82,000 for a long time. If it really wanted to rise, it wouldn’t have failed to break above 82,000 after several attempts around 81,800. It only plunged after last night’s news came out.
I’ve been bearish for almost a week, calling for a major drop and telling everyone to hold their shorts for days. My first take-profit zone is 76,000–75,000; the second target is around 71,000, though I can’t say when we’ll get there. As long as the rebound can’t get above and hold 80,000, the market will eventually head back down. We’ll have to see how long it can keep ranging between 75,000 and 79,000.
I’ve already hedged my short position twice on the way up from 77,000. I made nearly 2,000 points on today’s short-term hedge, which means my short is currently up about 5,500 points. I’ll keep holding it and open a long hedge around 76,000.
A lot of people will say the drop was caused by hackers. In fact, the hack and stolen coins only accelerated the decline. The market had already been stuck between 79,200 and 82,000 for a long time. If it really wanted to rise, it wouldn’t have failed to break above 82,000 after several attempts around 81,800. It only plunged after last night’s news came out.
I’ve been bearish for almost a week, calling for a major drop and telling everyone to hold their shorts for days. My first take-profit zone is 76,000–75,000; the second target is around 71,000, though I can’t say when we’ll get there. As long as the rebound can’t get above and hold 80,000, the market will eventually head back down. We’ll have to see how long it can keep ranging between 75,000 and 79,000.
I’ve already hedged my short position twice on the way up from 77,000. I made nearly 2,000 points on today’s short-term hedge, which means my short is currently up about 5,500 points. I’ll keep holding it and open a long hedge around 76,000.
