ETH also has a short position open at the top of the descending channel. We’re waiting for the price to reach the bottom of the channel, with our stop loss set at the resistance level where volume accumulated over the past few days.
With Wall Street opening, we could see a significant drop in crypto today, dragged down by Bitcoin’s poor performance.
My next short: in the current market, it’s not worth taking long positions at all. This could change if BTC forms a solid bottom around 70k–72k.
We’re risking around 3% of our account on a 1:5 risk-reward trade in AVAX, taking advantage of the price being at the top of the descending channel. Given the current market conditions, it doesn’t have the strength to break out of this pattern.
Our biggest trade so far. We’re continuing to grow our initial capital ($80), and we’re already up +41.04% in just one week.
We also have a short position open on Bitcoin that’s in the green. I currently think there may be a pullback down to the 70k area, but I’m not sure we’ll have the strength to fall much further than that. As always, the market will give us the signals.