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RE: Finding Potential Trades in Bitcoin on the 15 Minute Charts
Seems to have triggered a short position, I got in a little earlier because there was a large order on the offer that was acting as resistance, so jumped in front of it around 1024.5.
This is exactly how I used to play BTCUSD on the BTC-e platform back when I was still trading with real money. It worked really well for me at the time.
Good stuff. Thanks for your reply.
I think it's always good to read the tape/orderflow when executing positions. They often add a little extra insight and give you more of an edge than just chart trading.
Another reason I forgot to mention was that the funding rate was 0.375% for longs which is especially high . The longs pay the shorts or the shorts pay the longs every 8 hours to maintain a price close to the price of bitcoin traded on other exchanges.
That hits in about 50 minutes, which means I'll get $3.75 for every $1000 I have on just for being short. This might act to put a little extra pressure on longs who may be over leveraged and not want to pay the funding rate fee.
We'll see, if it has a quick long squeeze before the rate comes out I might take the opportunity to exit some or all of the position.