Position
| Item | Description |
|---|---|
| Position | Short @ 4063, 5153, 6276 (GoMarkets) |
| Status | Filled |
| Timeline | T3 |
| Confidence of the trade | 40% |
| Initial Target | 52xx (flat 220MA) |
Technical Analysis
Oof. Talk about getting caught on the wrong side in the most explosive manner. On Friday it closed on the important resistance 6300 but blew past 7000 over the weekend and coincidentally met with trade war escalation and risk off in other markets, sending it above 8000.
As much as I don't understand cryptocurrencies playing the safe haven asset role, if it is indeed the case, it will lose its high returns. It cannot have both stability and high returns over an extended period of time.
Next important levels to watch are 8500 and 10000. Speculation rallies need to run their courses before anything else can happen.
Disclaimer
While we believe in collaboration and working towards a common goal as a good thing, it has in the past affected the way we trade, so to keep this as consistent and drama free, we will not be replying to comments most of the time to keep this approach as streamlined as possible. You'll certainly see us making comments and upvoting other amazing posts though!
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