$BTC a Sell After a Dead Cat Bounce?

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(Edited)

So I'm looking at this hourly chart. This is a classic dead cat bounce. The move is to sell into this resistance, wait for a drop, and buy back later.

The problem?

This is $BTC!

A pump could come out of nowhere and blow past the resistance at the all time highs.

So my compromise solution is to keep my position and promise myself to buy more with fiat if it drops.

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Follow up this is a perfect short position:

E052D1EC14FA49A9B932A1DDD92951EA.png

Volume divergence, lower high, and dead cat bounce. Stop loss is 33500, profit target is 29500. 3:1 reward:risk

In the morning:

image.png

This is why I don't short BTC lol

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18 comments
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I put in a short and basically profited that whole red candle. Sold almost near the bottom of it. I put in another sell at about $32k. Have a pretty tight stop loss set. But, I'm expecting a pull back sometime very soon.

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Nice job! For me, actual shorting into a bull is too much. But I'm willing to take money off the table.

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I hear that. I'll only short big peaks like this with a super tight stop loss. I'm waiting for a bit of a pull back so I can throw in another long. 💹

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Short BTC, not wise!!! U got lucky and rekked!

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idk wtf to do @nealmcspadden

It hurts. Help.

Seriously though, I'm considering some small DCA out of some of my BTC. I have a big core position I won't touch but theres some that I'd be willing to part with.

Bull markets are tough. I've been battling with myself all day

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Yeah I feel you. The analogy I came up with is to rise with the tide and ignore the waves.

If you catch the waves just right you can do better than just going along with the tide. Chances of missing a wave or two are too great for me though.

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That's a good analogy. Patience is going to be tough in this bull run. The 1-5 year outcome is obvious - $200k+ - but the interim is not so obvious

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Riding the Bull, you live a risky life.

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(Edited)

OMg BTc is at 34k, Re u serious, are u are out of touch with reality! 🚀

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"I put in a short" ... "I'll only short big peaks like this with a super tight stop loss" ... "small DCA out " ... "catch the waves" ... "This is a classic dead cat bounce" ...

I wanted to start trading (modestly, of course) but seeing this language almost coded for me ...
I'd better go back to school for now.

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