Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
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I know I said I expect BTC to have topped for the year, however, it's not impossible that we'll have a little short squeeze following the recent dip. I'm 10x long @ $7270, looking to take profit around 7590-7750, and my stop is located at 7129, which is just below the daily low - I believe if we start breaking that price, we will proceed to have a red day.
The reason I'm opening this position, is to hedge against the longs I have on altcoins. Do the same, so that if BTC rallies and we have another altcoin winter, at least you'll make a bit:
Trade stats / size: - Capital deployed: 35% - Overall portfolio at risk (stop at 7129, 2% loss at 10x = 20% of 35% of Portfolio): 7% risk - Reward: 15 - 22%
@jezuke97, When a day opens red and breaks below the low of the previous day, it will usually mean the start of a correction. Therefore, when that low breaks, it's time to get out of the long.