Cryptocurrencies Trading Idea - Aug 07, 2019
As mentioned here, there's highly probable correction not just in BTCUSD but also in metals, and I just realized now that also even in USDCHF (CHF is also being treated as safe-haven like gold by risk-off market).
| BTCUSD Short |
Might add more shorts to this YOLO trade around next week or so after BTCUSD shows the "tail" I'm waiting for and starts filling in the gap it created last Monday.
Unlike last week's EURUSD, gold and silver though, won't be monitoring this as much because current trading crowd here isn't that mature yet and are easily excitable. I'll be adding an SL here near 13800 before weekend, and may adjust the TP at around 9300 if this goes in my favor this month.
Regarding other cryptocurrencies, either I will wait for further confirmation on their next direction, or too range-bound but not very volatile for me to even bother taking a position.
BCHUSD - Wait near 330.
LTCUSD - Wait near 90.
ETHUSD - Wait near 225.
XRPUSD - Wait near 0.305
Note: This is just a trading idea and not financial advice. Make sure to read the disclaimer here and do your own due diligence.
Update 1/7/2020: This swing trade went in my favor. Kinda regret sticking my TP up there and not adjusted it down further to 7000-7100.
Is it gonna reverse up now soon because of the upcoming halving event? I don't know, we'll see.
It seems like the whales are more into piling up cash now for the "rumored" recession with the increased demand on security lock boxes.
Featured image by Andre F. M. of Unsplash
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