Stalemate: KSM Long and Short Idea

While I do believe that we are in for a quite sizable bounce here soon in the market, I am still of the mind that we will have a bit more of a dip first. I am once again targeting KSM as a play for both sides (long and short) with a downside potential of approximately 24% and upside of 60%.

SHORT:
Target 1: $138 (12% Move)
Target 2: $120 (12% Move)

LONG:
Target 1: $200 (24% Move)
Target 2: $255 (28% Move)

I currently have a short position, but am actively watching the market for which direction we take from here while we rest on that the $160 support area.

Trade fechado: objetivo atingido:

Target 1 for Long hit. Closed my position a little bit before at 196.Will be watching closely for a continuation to target #2 or a rejection here to look for a potential short entry.

Trade ativo:

I still think that Target #2 is feasible, but based on the strength of KSM I have been expecting a pullback down to at least the 205 area before a continuation up. This would fall in line with a pullback from ETH and BTC.

I went short last night at 233 with a risk to 236. I will be scaling out if we break down to 205 and watching for the two lower areas to potentially get hit before hitting sellers exhaustion.

At this point shorting it will be risky so if you choose to, do it with caution as another move up past 220 could send it back up to 227 quickly. A break above 226 and I will most likely cover and start scaling in long for the push up to the 255 - 270 area.