Although BTC/USD Continued Lower, Good Risk Management Saw our Short Closed for a Loss

### BTC/USD Key Points

• Bitcoin higher time frame retest of broken support as resistance.
• Intrday retest gives short entry.
• As trade was on a Friday, it would have been terrible risk management to hold over the weekend.

BTC/USD Technical Analysis

Morning team,

It's always the same thing in trading. Things go well for you, you get complacent and try new things as a result and the market humbles you. This sums up the following bitcoin short trade off intraday resistance that I took ON A FUCKING FRIDAY!!

4 is the key here and shows price retesting the short term previous support zone as resistance. Being in the direction of the trend line break, I really like this as a a zone to manage our risk around for a short.

Take a look how it played out. Now the fact that I have to go away from my MT4 broker's charts and find a 24/7 bitcoin chart that I can't trade off, shows how bad this decision was:

So sure, the market is a lot lower than were I entered the trade. But it doesn't mean a thing, because as I said on Friday, there was no way that I was going to risk holding a leveraged bitcoin short trade over the weekend:

If you're trading a leveraged bitcoin position like this through a forex broker, then just be aware that while the markets are open on weekends, your broker isn't.

I HIGHLY recommend closing your position before the weekend's close. Don't leave yourself open to get fucked if you don't have to!

If you can't tell by the tone of this blog, I'm pretty annoyed with myself that I took this trade. I know hindsight is a beautiful thing, but when you don't even give yourself an opportunity for the trade to playout because you're forced to close before the weekend, then you're just throwing money away.

But to look on the bright side of things, if you were stupid enough to have held a leveraged bitcoin short over the weekend with your forex broker, then you cashed the fuck in. Happy days!

Best of probabilities to you.

Dane.

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