Hey guys, just a post to let you know my perspective on what the Bitcoin vs US Dollar technicals are telling me right now and where I may go short on Bitcoin in the very near future.
Let's see how it pans out!
Thank you for reading, and have a great day! :)
Legal Disclaimer: This is just my analysis and not to be taken as professional financial advice. Do your own research beyond what you read in my blog posts and make your own decisions based on your beliefs about what to invest your money in.
I would never short cryptocurrencies, it is too risky.
Fair enough man I just believe while we are still in the down-trending channel we are still in a downwards trend and so trading with the trend is less risky than trading against it. I'll admit the short-term trade I originally included in this post was very risky and so I have edited the post to a longer time-frame and therefore less risky short trade. Thanks for taking the time to comment :)
I also never short. It's a fast way to lose money.
It is really interesting that you guys say that, would you be able to explain the reasoning behind it? Curious because I believe panic is a stronger emotion than excitement and so you can take advantage of the stronger down-movements. I'm open to hearing your ideas though!
Shorting requires more skill. Skills that I don't have. :) It is also difficult to time the market.
I'm more comfortable buying when the market goes down than shorting.
Yes I agree timing the market is one of the hardest parts of trading, and if you are able to time long entrys better than short entrys then that's the way to go :)