Nearly every single person who longed bitcoin has a stop under 6k. This dump is already overextended, while a long entry at 6200 doesn't sound so bad,I don't think we have enough fuel to pump yet. If we go through 6k there will be a huge overreaction that should allows us to get some amazing long entries around 5.8k to 5.5k. Trade with low leverage so that you can keep your position alive if the panic is even larger than we expect. If the price reaches to our bids, I see this as a very very high probability trade. Hard stops at 5k to cut it if the worst happens however if we don't get a promising bounce it can be wise to close it manually around breakeven.
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First bids at 5800 for bitmex september futures got filled. Will be adding till 5.5k
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Suprisingly we didn't set as many stops as I thought sub 6k. If we pump without dumping sub 5.8k, I will be closing my long around 6500+ earlier than my intial target price. However, if we dump sub 6k before we pump my target stays due to increasing bottom shorters providing us with some fuel.
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got my fills at 5700 unfortunately my 5600 bid missed it by 20 dollars. Average entry is 5750 for september futures.
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Stops moved to profit, this was the green candle we needed let's see if we can close above 6.2k. If we can't stay above 6k I think make newer lows easily.
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BTC looking good for now. First Profit target is 6380-90, and stops at 5900 currently
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Stopped out at 5890. still a 2.3% profit.