This is why I don't trade on margin, and why I don't short Bitcoin when it's sitting on a strong support line after a big price correction. Actually, I don't short Bitcoin at all. I don't see any reason to. There is plenty of money to be made from going long at the right moment, and far less risk.
I watched the price action closely today, and decided to enter the market after the high volume candle that presented a few hours before the break out. I was not planning to enter any trades until I saw that. But after that, my gut feeling became too strong to ignore, and the price action continued to confirm my suspicions, so I wound up getting all my trading money into the market before the break out happened.
Needless to say, I'm pretty happy I pulled the trigger on that. I bought Ada, XRP, and ETC. Currently, my trades are up about $50 in profit, and I plan to hold them for at least another day before I sell, because it looks like there is enough momentum to carry this rally up to $7,000-7,500. I could be wrong about that, but I doubt it. A lot of money was waiting on the sidelines for this, and it is flowing into the market now. Plus there are a lot of people who think the bear market is over. I don't feel that way personally, but I will certainly take advantage of the current bullish sentiment.
Happy relief rally, everyone!
NOTE: This is not investment advice. Everything written here is for educational or entertainment purposes only. Always do your own research before you invest, and never invest more than you can afford to lose.
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Thanks for visiting my page! Seldons PlanWriter | Trader | Traveler | Father of 5
