SHORT BITCOIN TO HEDGE MY LONGS
Still at the airport In Lombok heading back to Bali today.
Bitcoin still trending the 9/13/20 emas, ETH bearish. Next support level on a BTC crack is 40k. Everything feels heavy and and I’m cautious of a stock market shit show.
Difficult situation because the altcoins that I’m still long are down significantly and primed for a bounce, but that doesn’t mean they can’t keep tanking. Especially if BTC drops another 16% to 40k levels which would lead to another 20-50% slap on the altcoins.
Short Entry : 47282
Stop loss : 48690 ( $-11,000)
Profit target: 41650 ($+45,000)
If bitcoin tanks my short profits will off set my altcoins dropping. If bitcoin bounces hard I’ll take my small loss and my altcoin positions will more than make up for it.
There’s also the possibility I get stopped out on this short for a loss, then bitcoin eats shit right after and a take a loss for nothing haha. All we can ever do is try to manage risk the best we can.
