Hi guys, i'm personnally a perma bear and im currently shorting from 450. Im in red now but my sl is at 530 so i'm still in so far.
How about you guys
Pffft....
I was a perma-bear for fucking months and months, pretty much right from the double top....never made much money, actually I lost money overall, cos I am a fucking shite trader.
However.....I am pretty good at reading the general course of the market.
If you guys can't see that the bear trend has reversed itself with the break out above the 'accumulation zone' (sub $300), then you can't read markets. Next real resistance in the long term, is up at about $800, where the 61.8% Fib Retracement is from the $1160 - $150 correction.
I would for one would not be going short Bitcoin right at this point in time....Sure it will correct, and correct fucking heavily, but the potential for the upside to exceed all expectation will prove lethal for many bears with short positions. From $330, all the way up to $505, the charts were screaming SELL SELL SELL, But when Bitcoin goes off like a rocket, there is no predicting it. Try to catch the top at your peril.
I would close your short position now (currently $385), and take what still is some tidy profits.....cos Bitcoin's next target, is the 61.8% Fib retracement of the $500 - $350 correction, which just so happens to be around the $450 zone. Perhaps $450 will prove resistance too much for Bitcoin, but even if it does, you will have to sit and witness your position going from however many thousands in the green, to practically fuck all in the green, or maybe even some in the red. I couldn't tell you how many times I have done that myself, and even ended up taking losses on what were winning short trades (and long trades as well for that matter).
