@fatima3873 on BTCUSD | PriceONN Community
I took a short position on BTC yesterday evening around 69000, thinking it was overbought. I set a tight stop-loss, thankfully. It hit my SL this morning. Lost a small percentage, but better than holding and losing more. Risk management is key, even when you're wrong!
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Update: I'm re-evaluating my strategy after that stop-loss. Maybe I was too quick to jump into a short position against the overall trend. The 200 SMA is still below the current price, which indicates a bullish bias. I need to be more patient and wait for clearer signals before entering a trade. I'm thinking of looking for a good entry point for a long position if BTC retraces to the 68000 level. But I will keep a close eye on the RSI and volume to avoid getting trapped in a fake breakout. It's important to learn from mistakes and adjust your approach accordingly.