I'm typically not one to share my trading ideas with you guys, but as per recent requests, I decided to give it a shot. Please let me know what you guys think of this type of post in the comments below and if you'd like to see more behind the scenes looks at my trades.
As you may know, I'm focused on education and spreading knowledge on Steem, but I'm actually a former options trader turned cryptocurrency trader. I'm all about volatility and volume spotting. Please read the disclaimer at the end of this post and remember that this is not financial advice, but simply a look at what I'm personally doing.
Bitcoin
I've been expecting this correction in Bitcoin and it appears that we'll see it here in the next few hours.
Let me first explain my buy levels: You'll see 3 horizontal green lines in the image below. Each of these lines represents a price that I'm purchasing Bitcoin at. I typically scale into my positions as to hedge against continued price movement and try to ensure I get filled on my orders.
Bitcoin just bounced off of my first buy level of $15,000. My actual fill price was $15,300. This represents 33% of my total position for this Bitcoin trade. If Bitcoin continues upward from here, I'd be happy.
But if Bitcoin continues its downtrend, I'll buy another 33% at the second buy level of $14,000. If Bitcoin again drops, I'll buy more at the $12,500 level, but I am not expecting Bitcoin to drop below $12,000 today.
Keep in mind that this is just a day trade and the position will not last more than 24 hours. I'll update you guys in the comments section of this post every time I buy or sell Bitcoin. If you have any questions, please don't hesitate to ask!
Disclaimer: This is not financial advice. Only invest what you are comfortable to lose. Investing in anything, especially cryptocurrencies carries a significant risk of losing some or all of your capital invested. Do your own research and make your own decisions. The information here is provided solely for entertainment purposes.
Thanks for reading, and in case you missed it, I’m running a new rewards program for my followers in hopes to increase the engagement in the comments section. All you have to do is be followed to my account and leave your valuable thoughts in the comments below. The more valuable the comment, the higher an upvote you’ll receive. I’ll see you in the comments!