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Last night, I didn't take a short position around 91200 on Bitcoin.
However, when I started the broadcast, I suggested that those who can't resist could go short around EMA 200 near 90200.
Because the market was indeed weak, it was resisted at the moving averages.
The first target is around 89300, the second is 88500, and protect a position around 88600 to take partial profits.
Is that correct? The lowest point of the market.
Someone asked, you know it’s falling and you know where the support is, so why didn’t you do it?
Why? Because my trading principle for Bitcoin is a stop loss of 800 points and a profit of at least 1500 points.
Only then does the risk-reward ratio of over 1:2 make the trade worthwhile.
Last night, actually near the first small level at 89300, around the top-bottom reversal, there was a probability of stopping the fall.
That’s only 700 points, so naturally I didn’t FOMO.
Opportunities are always there; stay steady, don’t trade too frequently, and you can go further in this market.
So why has 88600 been holding up until now?
I’ll tell you in the broadcast later.