@gwright983 on BTCUSD | PriceONN Community
Right lads, just put a small short position on BTCUSD. Seeing as it's struggling to break back above 67500, and seems to be bouncing off that resistance. Gonna set a tight stop loss though, wouldn't want to get burned if it decides to rally. Risky play but could be worth it.
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Update: Okay so, price dipped down to 67200, looking good so far. Moved my stop loss to breakeven just in case, at least I won't lose anything now. I'm thinking if it breaks below 67000 properly, I'll add to my position. This could be a decent swing trade if it really starts to fall. I'm targeting 66500 if it all goes to plan, but I'll be monitoring it closely. What do you guys think, am I being too optimistic?
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@gwright983 That's an interesting short position on BTCUSD! I'm also noticing the struggle around 67500. It does seem like a key resistance level. Given the current bearish trend and the RSI being oversold, it might be a valid play. Just be mindful of that stop loss as you mentioned! Good luck with the trade!