Bitcoin (XBT/USD - BitMex) - Weekly candel

Bitcoin (XBT/USD - BitMex) - Weekly candel

By milionarioo | DigiNomic | 18 May 2020

With yesterday he closed another weekly candle, and it certainly cannot be said that he did not do it in a Bullish way.

The resistance at 9500 did not reject the demand, which allowed for a close above.
I admit that again I had a strong temptation to close the cover SHORT, but I have not yet done so, remaining faithful to the plan.

The plan sees this SHORT as a synthetic take profit on my SPOT position, aimed at amortizing a possible reversal. It is a hedge, not a speculative position.

I would close it at the same moment when I would start planning a LONG position, i.e. in the event of an actual higher high.

Regarding the accumulative / speculative positioning, I find it little sense to open LONG just below the local high (about 10.5k), and just as little sense to open SHORT without obvious signs of offer or lower lows on daily TF, given the ongoing Bullish trend .




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