Ever since the last drop from $10k and my return from crypto vacations I have started to trade BTC on leverage again, at first I was very insecure and took me a few days to take the decision and create a new Bitmex account to start trading again, I know some ppl had problems with Bitmex before but actually I have never and its easy to use, I have been looking at other exchanges that aloud trading leverage but for now will keep using Bitmex, its been some time since I was trading with leverage, last time was august 2019 when I blew up my account going from $100 to $1k on one week day trading and blew it because I didnt want to cut my lost I didnt want to accept I was wrong but this time Im doing my best to do things better.
Here the video:
As I show on the previous chart going from January 2018 until today BTC is on a consistent bear market in a descending triangle and it keeps creating lower highs
December 2017: $19776
January 2018: $17199
June 2019: $13854
February 2020: $10509
I think the current price drop is not done yet due the global circumstances, eventually BTC price will go up again no doubt but right now it will continue dumping until it flats out or it may even drop lower than $3k, I have been practicing the same things I had in the past like identifying patterns the most common ones like I will show on the next picture
After the recover on March 13 when BTC bounce very hard with this huge green candle I saw the price forming a descending wedge in many cases a short term bullish sign depending on the chart that you look at, in my case I only use the 1d, 4hr and 1hr charts depending on how fast my trade will be, most of the time I dont spend more than a day on a trade since I use such high leverage at 10x I dont have to wait for the price to move too much but it also increase my risk.
Besides the descending wedge I notice a bullish divergence between the RSI and price action were we can see RSI going up recovering wyle price was still dropping then I waited for confirmation on March 19 and took a long position waiting for BTC to be rejected at the $7k mark and drop again and it did happen then I took a short position actually got neverous and end up closing with a 20% profit and then open another short and made 22% on that one, since Im no expert and Im just trying to learn and become good at trading I started with a small account trying not to make the same mistakes as before and here my PNL since March 19, account very small but percentages look good
Ill keep posting my trades just need to focus to identify bullish signals since thats the hardest part for me, trading short its always easier for me
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