If Bitcoin broke this range, I decided I would temporarily sell spot and reevaluate.
However, today's reaction leads me to believe that the worst is over. The Mt.Gox news was released, leading to mass panic selling that has fully retraced. If the market has priced in a portion of the selling, the remaining selling will have less market impact, thus longing has reduced risk.
Bitfinex is also building a long position. With most of the sellers priced in, along with a strong recovery, I decided to stay long in hopes that that we bottomed.
In hindsight, staying long during the 67-63k range was a mistake. I was bearish technically, but the belief that we would bottom kept me in the market. I should have sold out and bought into strength, like I am doing today.
However, today's reaction leads me to believe that the worst is over. The Mt.Gox news was released, leading to mass panic selling that has fully retraced. If the market has priced in a portion of the selling, the remaining selling will have less market impact, thus longing has reduced risk.
Bitfinex is also building a long position. With most of the sellers priced in, along with a strong recovery, I decided to stay long in hopes that that we bottomed.
In hindsight, staying long during the 67-63k range was a mistake. I was bearish technically, but the belief that we would bottom kept me in the market. I should have sold out and bought into strength, like I am doing today.
Trade closed manually
Decided to close longs due to market weakness
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.