Trade Recommendation: Short Bitcoin (?)
I usually do not trade with cryptocurrencies any more, but this might be a golden opportunity arising. Bitcoin has bounced back to 2800 USD per bitcoin (ish..). The uptrend the last couple of days may be caused by the BIP91 agreement:
However, I’m still bearish for Bitcoin for the coming months and possibly years, as I’ve written here:
I’ve put a sell order at 2793 and 2759 USD per bitcoin. The current stop loss I’m dealing with is 2821 and 2823 USD per bitcoin. As you can see from the timeframe graph below, MACD isn’t showing much, the RSI is quite neutral and the Stoch is heading upwards. These instruments does not give any good indication of what might happen in the coming days, or hours. The bitcoin price might bounce up, and I might lose it all. But when I get the “Big Short” correct, I know I’ll keep my position as long as I can. I am still very bearish for Bitcoin, and other cryptocurrencies for the coming months. When that is said: I might be totally wrong! Remember, you are responsible for your own trades. You cannot hold me responsible if you copy my trades and they go totally wrong. Have a nice evening all!
I also want to throw in this chart by DLavrov from Tradingview: