We are getting close to that area where holding a BTC short makes significantly less and less sense. However, I will still try to hold my short until the 6.8K area. When managing an open trade, it is very important to keep an eye on the evolving risk:reward ratio. Frequently, price action will dictate that keeping the full position makes absolutely no sense from a risk:reward perspective. Thus, as the markets give you more information, use it to manage an open trade accordingly.
It is worth noting that I am not a fan of Fibonacci levels but I can see the merit of using them as confluence since a lot of traders are probably using them too.
Anyway, that is my Bitcoin update. Hope you enjoyed.
It is worth noting that I am not a fan of Fibonacci levels but I can see the merit of using them as confluence since a lot of traders are probably using them too.
Anyway, that is my Bitcoin update. Hope you enjoyed.