It's funny you said that as this current trade position I have is setup for a longer time frame than my previous trades I have no profit target in mind but do want to see $50k/btc within a few months I have all the time on this trade,I am not in a hurry... The only thing that would close it is a liquidation (unless I add more collateral)
Bitcoin 25,750 atm, it's come as bit of a relief, thought it would never drop, the harder it swings down the more severe the rebound, not far to go now, because of this move it changes my timing, should be end of this week for a bounce, or put another way, there is going to be a (violent) reaction.
I had been wondering what happened today with crypto. My ETFs dropped over 5%, but nothing too crazy for the asset class. I decided today to coat-tail Soros and go bullish on Marathon. Basically shorted PUTs on MARA. I also purchased 10-round lots of Bitfarms Ltd. If the idiot running America really does get his 30% tax added on BTC mining passed through the house, then where do you think everyone will flock to? Canada, which is still very friendly to Miners and gives them tax breaks. So Bitfarms has a very strong moat depending how dumb US voters continue to be. I guess someone has to pay for all those bad decisions taking on more bad student loans to take useless ISM majors. FeminISM, WokeISM, StupidISM...
I just checked in and saw that my stop was hit @ 26.3K. I really dunno what to say. Is my original call that BTC will dive to 23K correct? Maybe. But this bitch has been shaking me out so many times in the process, I plan to sit out and just watch.
$23K may happen, but was that the only way to profit the past month? Bitcoin has a been a pretty good instrument to trade, unfortunately for us, we did not profit from it. You could have bought low and shorted high?
Hoping we dont see 23 but its desperate to touch 25! I'm hoping my round numbers theory pays off! haha
Another crypto thing gets hacked, leaving millions in fake Internet money missing. Or as most people call it, Tuesday. Crypto catastrophe strikes some Atomic Wallet users, over $35M thought stolen Victims nursing huge losses haven't the foggiest how heist happened, yet https://www.theregister.com/2023/06/05/atomic_wallet_stolen_crypto/