Bitcoin Price Diary: Shorting BTC is Dangerous, So I Went Long at $6.9K
Cointelegraph By Scott Melker's original article for cointelegraph.com reduced by 76%
This has been a mixed week, with some small gains and losses on Bitcoin longs and small earnings on alt trades which I will discuss in the coming weeks. This is not because I have no desire to look for short positions, but because I am American and cannot legally trade on leverage exchanges that offer Bitcoin shorts. I will not trade anywhere that my risk management strategy cannot be properly executed - so long wicks that stop out traders who would otherwise be fine elsewhere are not acceptable for me.
The theoretical upside of a long position is infinite. Update on the Bitcoin positionAs discussed in the last journal entry, I opened a Bitcoin position at $8,375. I stopped out when the price failed to hold this level, at $7,900 for a position loss of roughly 1.4%.BTC USD 6 hour chart.
I took another Bitcoin position at $7,420 when the price arrived at the next zone that I had outlined.
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CN [too long; didn’t read]
Summarised crypto news.