[Reducing our position, Diagonal vs Horizontal trend lines]
Things are looking fairly good for our short position which we had at an average price of 4375. Not only that but we have a new short term setup which we will be trading today. It's a short term bullish entry although because we are still bearish in the medium term, we will not be closing our short position. Instead we will enter a 25 USD margin long position at the price of 4045 to reduce our 50 USD short position in half. The goal will be to short more either when we reach resistances marked by the upper diagonal and horizontal trend lines as well as to re-enter short if we break the $3950 mark on Bitfinex for an extra 50 USD. As usual, everything is explained in the video.
In today's video we also go over the value of looking at a clean chart for the purpose of focusing on price action and we compare the value of horizontal and diagonal trend lines. In addition we check out the EOS and XRP charts to see which one we might be more interested in entering positions in and why.
Let me know what you think or if you have any questions or comments!
