Last post i showed where i sold Bitcoin after that daily candle closed as a Doji . Simple technique i usually use for reversal's. Some people said i was mad, but i was sure technicals had to come into play at some point. Glad i chose that point as now im heavily into profit. i have moved my SL 7000 pips into profit as its bitcoin and it could just easily switch bullish in a moment. Noticed some divergence also so banking the profits where i can, as we need to when daily trading. GLIYF
Well my SL was hit on the Bitcoin sell, but that's totally fine with me I banked 7000 pips. It's also what day trading is about. Getting on on price action and securing your profits. But also it now gives us some structure to work off for the next trade. We have an ATH of 41.9K so this gives us a resistance zone to see what price will do if it reaches those levels again soon. For me its the same setup. ill see if we get any reversal signs and look for the sell here again. I think we have more downside to come before another big push. whats your thoughts?
Bitcoin failed to reach the recent ATH . So i took another sell here from this price zone. It similar to the last time bitcoin had its recent high, we had another push up but it didn’t reach the high. Currently 4000 pips in profit, i have moved my SL to break even so i dont lose if we get a push, but ill leave it there to give it room to move around. This little support zone is vital to break to hold for TP and to secure some profits. did anyone else sell?
Looking back in on my Bitcoin sell again today. Im still happy to hold for now. Price is struggling to break higher. We've got this little flag forming, and with the US president being sworn in tomorrow it could be a bumpy ride for USD. So its possible we may see some movement then. Trade the winning direction of the break, im hoping its in my desired sell direction. I am risk free on the trade so all good if not the case. GLIYF
Don't you just love it when your idea's come to fruition. Its still not dead set yet, as we need this daily candle to close below the flag. But its looking promising so far. My next suspicion is the EMA underneath which could act as dynamic support. But for now i'm 6700 pips in profit. I've locked in 3500 pips as shown so all is well. GLIYF
Checking back in on Bitcoin today and all is looking well. Currently 7400 pips in profit. We have broken below the flag and closed below and created a lower low. As you can see price perfectly bounced off my EMA as expected. I think we are now making the lower high before the next push lower. We are in between the EMA's currently but top is turning south. Will see some sideways action before the next impulsive move i think. GLIYF
Checking back in on our Bitcoin sell today and all is going to plan as expected. My price tracking EMA is now pointing to the downside. WE had the pullback which came close to my SL but all is good we didn't trigger it. We are heavily in profit currently. But again i would like to see price close below this level we are at where the previous candles closed and break through the mid term EMA to achieve TP where i will look to buy from any support formed. GLIYF
Well Bitcoin yet again doesn't surprise us with a very strong bullish move. I think we have Elon Musk to thank for that, one post by him on twitter and it went mad. All is well though as we banked 3500 pips, if you were clever and was watching price you could of taken profit on that double bottom , but I wasn't watching so just left my SL in place in profit. What's next for Bitcoin? Back to buy's? Id like price to pullback to the secondary trend line and line up with my 53EMA for a buy to make a new ATH . Let me know your thoughts below. GLIYF
A blast from the past, an ET old timer's take on Bitcoin. Some of us still remember Praetorian, who is running 3 HFs and a blog. And just because you are critical of something that doesn't mean you can not invest in it and ride the wave as he did with GBTC: https://adventuresincapitalism.com/2020/07/28/my-favorite-ponzi-scheme/ https://adventuresincapitalism.com/2020/11/24/why-this-reflexive-ponzi-scheme-will-continue/ " With GBTC now owning almost 10% of the “free-float” of Bitcoins, it has become the central enabler of this Ponzi Scheme. I have never seen a security act in this fashion and as soon as I realized that the risk-free arbitrage mechanism imbedded in GBTC was driving Bitcoin higher, I bought a whole lot of GBTC. All Ponzi Schemes collapse under their own weight and this one will too, but first Bitcoin is going to have a supernova squeeze higher as the free float continues to be restricted as GBTC corners the market, driving the price higher. As long as the demand for free-trading GBTC exceeds the supply and this spread exists, there will be arbs who help accelerate the process of GBTC cornering the market. That doesn’t mean that Bitcoin cannot swoon tomorrow or that the spread cannot go negative for periods of time (this is Bitcoin after-all and it’s all sort of made up). However, the multi-year trend says that the spread will remain wide and force Bitcoin higher. This arbitrage spread drives everything else in Bitcoin."