That's cool. I quoted both sections where you said you wanted to hold the short indefinitely and moving the stop up 38.8k which was borderline on Friday night before CME closed and you might have held over the weekend Anyway, I hear you on being out of synch with btc, but I remember that you were long with me during the difficult time 25k to 28k range, when btc kept on selling off hard You got off the long side of btc in the 33k range, after moving it higher from your planned exit of 30k I'm sure you're a very experienced TA trader, and I'm a noob, but my memory of the 32k-42k has been one continuous uptrend with brief pauses and some pullbacks that got bought back up within a few days Traders have a difficult time with Btc if they don't believe its value or understand Bitcoin Good luck to you, too and stay positive as well This bitcoin bull market has only started... end of 2025 is the eta for cycle top, best to prepare mid-year 2025
Great day today. The only options I have that are In-the-Money are long calls on Bitcoin now. Over 5k profit within last 24h for just that one ETF. Miners have recovered very well, and I'm still holding to my rule of not taking profits until 2024 at the earliest. I'm not going to sleep too well though, as there is always the risk that Saylor really hasn't been buying BTC all this time, and only using the cash for his own personal piggy bank, and really MicroStrategy is secretly bankrupt. But... we'll cross that bridge when we get there. LOL
Can't hurt. Bitcoin Hype Will Clash With the Rolex Recession Easy money is crypto’s real speculative fuel, but there’s not so much of it around these days. 6 December 2023 at 16:00 GMT+11 By Lionel Laurent “BUY BTC.” The logo stamped on this week’s leaked version of the Grand Theft Auto VI trailer, depicting a faux glamorous world of speedboats, supercars and “shoot-em-ups,” was well timed. Bitcoin’s price has almost tripled this year to around $42,000, where it was before the 2022 Terra debacle. Frothy six- to seven-figure price targets are back. With Coinbase Global Inc.’s boss touting Bitcoin as “key” to the West’s future and El Salvador’s Nayib Bukele demanding his critics apologize, you’d think an actual use case had been found.
Something doesn't look right here. Big push down (1), followed by 2 long tails (2) (3) in the same session, spells weakness and doesn't bode well IMO. Also you normally wouldn't see fat fingers unloading ahead of big announcement if they thought it was bullish, which is the prevailing view (ain't it?). What's up on the ETF front? Are they making any headway? This damn chart is telling me they're not.
To be honest, I also view this as bullish. There is that first push down, and subsequent tries couldn't even break the first low. Now the longer it takes, the more it worries me, but its just how I view it. On a slightly different tangent, I watched a great video yesterday with a guess named Matt Odell. I know you don't know him, but he is kind of big in the privacy and bitcoin space. He points out that wallstreet isn't ready for the type of instrument that bitcoin is. He mentions the GME fiasco and how wallstreet was short, and they were able to control the market in terms of Robinhood for example preventing people from buying more shares. As GME went to the moon, eventually the big boys were able to control the damage through their shady practises. But bitcoin will be different. Since the ETF will have to follow spot price, and since you can't print more bitcoins, how the dust settles will be epic. I even remember back to the LME fiasco where that exchange rolled back trades in order to make the Chinese owners happy. So although you might be seeing typical games in the bitcoin price right now, this instrument is nothing like wallstreet has ever seen before, and you might have to throw out the old rule book of price action that is based on big players moving price around. Think about it. What happens when the ETF gets so much inflow that they have to acquire 10k bitcoins but can't fill the order?? Odell also rightly pointed out how 1 month ago, Jamie Dimon talked down bitcoin, while likely filling up his bags knowing that he is going to play a role in this ETF. So although I'm cautious, I think the potential for unprecedented moves is solid.
Well, for those who trade pure technical like myself, be mindful that we're in a rangebound market. So it's wise to just play ping-pong until it breaks out one way or the other IMO.
BTC is precarious here IMO. If the ETF is approved we’ll get sell-the-news; if it’s not approved then the market will dump to 35k in a jiffy.
I never could understand the removal of the free-market with the LME disaster. How were people who won (later forced to be liquidated), not up in arms with pitchforks and guns? Without looking, I can only assume that the majority were on the losing side, hence they had much less outcry reversing the trades? I'd never trade contrarian there...