Chance to Short then Long XBT and ETH on BITMEXGreetings my Zealots, BTC isnt a scam yet(not that it ever was :P), here's some compelling evidence!
Sorry i haven't been involved as much as i should be. I will be loading up my ammo and TA for trades now.
Here's my input, on XBT and ETH Bitmex entry positions. I personally would not be using anymore than 10x leverage and don't bother with any trades that are less than 2/1.
If i missed anything or made a mistake, please correct me, its part of my trade plan to be open minded.
The screenshot is an ETH/USD trading pair, but the same concept and logic does apply to XBT. For presentation purposes i feel like its easy to be doing it on ETH.
In general:
The market in general is very bullish and for every second that there isn't a LL under the 3100 range. the bottom is confirmed. On top of that there is a double bottom after the 3100.
Short:
At the time of this post, I would be looking for a short position because i do see a triple top on the 1HR and 4HR and the market structure is all doing LHs. I would be shorting this to the next support which is also the 50% and 61.8% Fibonacci retracement levels. Making this approximately a 2.87/1 trade. The market stop loss would be a sat or two after the HH which is around $150USD.
Long:
After the 12% XBT and 23% ETH pump, there has not been a pull back because of the bullishness. After shorting what is mentioned above, it would be safe to long from the same Fibonacci levels back to the resistance. I would personally have multiple double stagger orders from 50% to 61.8%. and be taking profits before and after the resistance. My market stop loss would be on $131.2USD after the support and wicks. If this set up plays out as planned this would be about a 3.5/1 trade.
