Turning bearish: $BTC 4H has fallen from a high of 80888 to around 75700. Both moving averages are now above the price, and the trend has turned downward.
Yesterday I said I was leaning bullish, and that the view would be invalidated if price closed back below 77687. It did close below that level. My judgment was wrong, and I admit it. Both positions I closed yesterday also hit their stop-losses, so I didn't make a profit on either one.
I currently have three short positions, all opened recently. $TAO was entered at 216.75 and is currently up +0.28%, with a stop-loss at 222.14. $DOGE is currently up +0.29%, with a stop-loss at 0.07304. The LTC short is up +0.21%, with a stop-loss at 52.74. All three are showing unrealized gains of less than 0.3%, so it's too soon to call them profitable. I'm holding them because all three are positioned in the same direction as the broader market, and each is still below its moving averages on the 4H chart. All three are in my copy-trading portfolio, and my followers entered and set their stop-losses just as I did. My followers also got stopped out on those two positions yesterday.
The Fear and Greed Index is 50, and the BTC funding rate is 0.01%. Neither longs nor shorts are crowded. This drop wasn't caused by a cascade of liquidations; the price weakened on its own, and drops like this are less likely to snap straight back up.
Here's how I'm looking at the scenarios:
- Resistance is at 78128. That's the 21-period moving average on the 4H chart, and the bulls also lost this level. If price gets back above 78128, today's bearish outlook is invalidated, and I'll let the stop-losses handle all three short positions.
- Support is at 75525, the low of this sell-off. If it breaks, I'll keep holding the shorts; there's no need to rush to close them.
- If the price is between those levels, I'll do nothing.
The worst thing to do today would be to chase shorts around 75500. After such a big drop, a bounce back to the moving averages is perfectly normal. If you want to short, wait for a rebound and reassess then—don't add to your position at the lows.
#加密貨幣 #AITrading #BinanceSquare #BTC
Yesterday I said I was leaning bullish, and that the view would be invalidated if price closed back below 77687. It did close below that level. My judgment was wrong, and I admit it. Both positions I closed yesterday also hit their stop-losses, so I didn't make a profit on either one.
I currently have three short positions, all opened recently. $TAO was entered at 216.75 and is currently up +0.28%, with a stop-loss at 222.14. $DOGE is currently up +0.29%, with a stop-loss at 0.07304. The LTC short is up +0.21%, with a stop-loss at 52.74. All three are showing unrealized gains of less than 0.3%, so it's too soon to call them profitable. I'm holding them because all three are positioned in the same direction as the broader market, and each is still below its moving averages on the 4H chart. All three are in my copy-trading portfolio, and my followers entered and set their stop-losses just as I did. My followers also got stopped out on those two positions yesterday.
The Fear and Greed Index is 50, and the BTC funding rate is 0.01%. Neither longs nor shorts are crowded. This drop wasn't caused by a cascade of liquidations; the price weakened on its own, and drops like this are less likely to snap straight back up.
Here's how I'm looking at the scenarios:
- Resistance is at 78128. That's the 21-period moving average on the 4H chart, and the bulls also lost this level. If price gets back above 78128, today's bearish outlook is invalidated, and I'll let the stop-losses handle all three short positions.
- Support is at 75525, the low of this sell-off. If it breaks, I'll keep holding the shorts; there's no need to rush to close them.
- If the price is between those levels, I'll do nothing.
The worst thing to do today would be to chase shorts around 75500. After such a big drop, a bounce back to the moving averages is perfectly normal. If you want to short, wait for a rebound and reassess then—don't add to your position at the lows.
#加密貨幣 #AITrading #BinanceSquare #BTC
