Shorting Bitcoin playing the retrace

19 Jul 2018

I was bullish an hour ago and I guess that was my general sentiment after watching too many moon and lambo youtube videos. I decided to go against the herd and enter a short position here based on price being overbought and bearish pressure pushing down, double top etc. I also based my decision on the 2nd red Heikin Ashi candle. As always, this could go either way, its a game of probability and reading mass psychology, and as always, risk management is crucial. I have my stop loss above resistance in case it heads north. If it takes out my s/loss then so be it, my loss is minimal. If it heads south, I get some free Bitcoin to build my capital. Not financial advice of course except for the risk management bit. Twitter @cryptotbonus