Taking Risk-Off of My BTC Short
Good Afternoon Traders,
Most of you know I went short big on BTC yesterday just before the price break above 60,500 which is the point at which Bitcoin breaks above that multi-year support/resistance trendline from 2019. I quickly observed my stops were too tight and was able to loosen them just before the 63,000 price breach where my stops were previously located. I moved my stops up to 64,700.
Today, I am observing the price is not willing to break back much below 60,500 which is now acting as support. This makes me concerned that there are still bulls in the market ready to liquidate the new shorts queueing up their positions. Not willing to lose the amount I had originally entered with my new stop-out price, I quickly off-loaded over half of my position the second we touched that 60,500 mark. The candle close today is critical, and tomorrow is almost as important. They will tell us what the continued price direction will be next week. As of now, it is looking as though we may close above 60,500 and continue upwards. If that is the case, I may get stopped out on my BTC short. That’s okay. Now that I have reduced the size of my original entry, I am comfortable with losing some profit on what I have left in the play. We’ll see how it turns out.
Best,
Stewdamus
