I know I said I expect BTC to have topped for the year, however, it's not impossible that we'll have a little short squeeze following the recent dip. I'm 10x long @ $7270, looking to take profit around 7590-7750, and my stop is located at 7129, which is just below the daily low - I believe if we start breaking that price, we will proceed to have a red day.
The reason I'm opening this position, is to hedge against the longs I have on altcoins. Do the same, so that if BTC rallies and we have another altcoin winter, at least you'll make a bit:
Trade stats / size:
- Capital deployed: 35%
- Overall portfolio at risk (stop at 7129, 2% loss at 10x = 20% of 35% of Portfolio): 7% risk
- Reward: 15 - 22%
www.bitmex.com/register/IGOY9r (Bitcoin Contracts, Margin Trading up to 100x)
The reason I'm opening this position, is to hedge against the longs I have on altcoins. Do the same, so that if BTC rallies and we have another altcoin winter, at least you'll make a bit:
Trade stats / size:
- Capital deployed: 35%
- Overall portfolio at risk (stop at 7129, 2% loss at 10x = 20% of 35% of Portfolio): 7% risk
- Reward: 15 - 22%
www.bitmex.com/register/IGOY9r (Bitcoin Contracts, Margin Trading up to 100x)
Trade active:
Come join me, here's a 10% discount on your trading fees to get you going
www.bitmex.com/register/IGOY9r
www.bitmex.com/register/IGOY9r
Trade closed: stop reached
Comment:
This is why we had our stop at the daily low of 7129 - once it broke below there, all hell broke loose