BTC undecided; plans in either case (2019.08.18)

18 Agu 2019

Lots of opposing opinions on this. Price has been working its way through a range with some higher-lows (Bearish triangle). Price is currently at a point that's good to buy (i.e. green buy zone + purple trend line + horizontal support around the 61.8% Fib level). There's even a bit of an inverted H&S forming, albeit sloppy, especially the right shoulder. If price breaks the trend, I'd expect a move out of both green zones.

Scenario A: ST long trade
I'm entering now with a SL at $9900 and TTP (trailing TP) starting around $11,050.

Scenario B: Hedge/short
If price drops to $9,671, I'm going to hedge my portfolio value with (1-2x leverage), to protect against further drop in BTC. Most altcoin trades should be exited by then with stop-losses (note: mostly in BTC at the moment). If price breaks $9.000, I'll probably go short a bit more. Targets 8850, 8250, 7500

Longer-term view

24 Agu 2019

Catatan

Made a little money with my levered long and exited via trailing take-profit. Now sitting it out waiting for a drop in BTC. Latest "pumps" have been pretty weak and lower highs have me concerned. On higher timeframe, I'd love to see a strong drop in price closer to the 200 EMA or even the 200 SMA level.

For now, I have an expensive hedge in place to offset my BTC bags. Stops on bags at $9,600'ish level. If price breaks 9k range I'll start looking for re-entries down. Think absolute "bottom" closer to 6k