I am shorting Bitcoin here.
Traders,
After some long and deliberate thought, I have decided to re-introduce shorts to my channel. This area is simply too tempting not to short.
Previously, you will know, that I decided to only do longs, non-leveraged, crypto-only trades. There was reason for each. But I realize that I am boxing myself in tremendously by doing so. I will probably not be frequent in my short trades, but I do think it is wise to trade short at times ...this area being one instance.
Also, I have often toyed with the idea of adding more than just crypto TA to my channel. This option is still definitely on the table.
And though I am wary of leveraged trades (less than 10% of traders are profitable as it is, let alone trading leveraged), I may infrequently introduce a leveraged play.
For the time being, I really like the odds on a short play here on BTC. We have multiple major levels of resistance all intersecting at around the same area, forming a huge area of confluence that is now acting as resistance.
Additionally, the RSI is insanely overbought. And as of now, there are 8 green daily candles in a row!
I am shorting this thing to 31,600, our strong support, with a SL of 36k which equals at 2/1 rr.
Remember, this is not fin advice. This is all entertainment for your pleasure only.
Best,
Stew
After some long and deliberate thought, I have decided to re-introduce shorts to my channel. This area is simply too tempting not to short.
Previously, you will know, that I decided to only do longs, non-leveraged, crypto-only trades. There was reason for each. But I realize that I am boxing myself in tremendously by doing so. I will probably not be frequent in my short trades, but I do think it is wise to trade short at times ...this area being one instance.
Also, I have often toyed with the idea of adding more than just crypto TA to my channel. This option is still definitely on the table.
And though I am wary of leveraged trades (less than 10% of traders are profitable as it is, let alone trading leveraged), I may infrequently introduce a leveraged play.
For the time being, I really like the odds on a short play here on BTC. We have multiple major levels of resistance all intersecting at around the same area, forming a huge area of confluence that is now acting as resistance.
Additionally, the RSI is insanely overbought. And as of now, there are 8 green daily candles in a row!
I am shorting this thing to 31,600, our strong support, with a SL of 36k which equals at 2/1 rr.
Remember, this is not fin advice. This is all entertainment for your pleasure only.
Best,
Stew
Stewdamus Trades -
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Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
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