From the LBank blog.
Easy Follow, Smart Trade! Discover the winning strategies of our popular traders.
- Copy Trading Master’s Introduction
User ID: LBA3D77490
Trader’s Profile: https://www.lbank.com/copy-trading/lead-trader/?id=LBA3D77490
Trading Style: Hedge Arbitrage, Swing Trading
2.Trade Operation Recap
Shorting SOLUSDT with 10x leverage, entry at 21.56 USDT, exit at 20.68 USDT, generating a 40.81% ROI. As shown in the chart below:
3. Trade Review
3.1 Market Background:
On August 29th, the US Appeals Court overturned the SEC’s decision to reject Grayscale’s application for a Bitcoin spot ETF listing. The cryptocurrency market saw a significant surge in response.
On August 30th, during the Asian session, after a rise to around $28,100, Bitcoin began to gradually fall back; after consolidating for 4 hours around the $28,000 integer level, bulls couldn’t push the price higher.
Bitcoin 4-hour chart, as shown:
3.2 Trade Analysis:
On the SOL 4-hour chart, rebounding near $22 faced resistance, as shown:
On the 15-minute chart, SOL’s rebound near $22 encountered resistance, forming a triangle pattern gradually. As the lower edge of the triangle pattern was breached, the uptrend ended. Went short on SOL, setting a stop-loss near the upper resistance at $22; as the market continued to decline, the short position turned profitable. When the price fell to around $20.6, finding support (the green line in the chart below), the decline slowed. With the price repeatedly finding support around $20.6 and the MA moving average starting to coil, closed the position. See the chart below:
3.3 Winning Strategies Summary:
Great trading opportunities are sometimes unexpected and require sufficient patience.
Note: Personal opinion, for reference only. Opportunities and risks abound, always do your research before investing.
This article came directly from the LBank blog, found on https://medium.com/lbank/copy-trading-masters-winning-strategies-review-episode-1-972cf597d682?source=rss—-69b5b1a654b1—4