Bitcoin Price Diary: Shorting BTC is Dangerous, So I Went Long at $6.9K

This has been a mixed week, with some small gains and losses on Bitcoin longs and small earnings on alt trades which I will discuss in the coming weeks.

This is not because I have no desire to look for short positions, but because I am American and cannot legally trade on leverage exchanges that offer Bitcoin shorts.

I will not trade anywhere that my risk management strategy cannot be properly executed - so long wicks that stop out traders who would otherwise be fine elsewhere are not acceptable for me.

I recently tweeted about this and was a bit shocked at the lack of understanding of this concept amongst traders that are actively shorting with leverage.

The theoretical upside of a long position is infinite.

Update on the Bitcoin positionAs discussed in the last journal entry, I opened a Bitcoin position at $8,375.

The most compelling reason for a long position in this area was the potential "Bullish breaker" shown in pink.

I stopped out when the price failed to hold this level, at $7,900 for a position loss of roughly 1.4%.BTC USD 6 hour chart.

I took another Bitcoin position at $7,420 when the price arrived at the next zone that I had outlined.

I have already closed half of my long position at $7,350, the first key resistance that needs to flip for the potential reversal to continue.