Wow Tesla just bought 1.5 billion in bitcoin January. What's interesting about this move as well is that is that they have said they will start accepting payments in Bitcoin as well. When the richest man in the world makes a move like this every institution and leading company will be looking at following hence the fomo.
Furthermore Musk seems to have the ability to ramp this right up through tweets, making Tesla's 1.5 billion worth an awful lot more. I think in normal circumstances the SEC would get involved in the rampant tweeting of a security to inflate its price, but as we all know Bitcoin isn't classed as a security so there is little they can do about it. If Musk wants to try and fire Bitcoin to the space x moon he's doing a very good job. Personally I'm a big fan of crypto so I'm on his side anyway. I just don't want to see any novice traders get harmed on the way so thats my job to help where I can.
In my earlier trade I took swing profits at just under 45k, here I went in again when that channel was breached and i've drawn upside channels as potential resistance points, we could also draw fib extension points if we like, I prefer channel extensions. Its clear that this is a parabolic move so its anyones guess where it finally ends and is very high risk for amateur investors.
I'm going to keep this thread open whilst I am long in this parabolic move so press the follow tab above for updates. I'm also live on twitter where I posted the Tesla news just as it happened earlier today with some commentary. Follow me on there to if you like. Telegram channel is coming very soon. Thanks for all your love.
Let's see where price gets to tomorrow and we can talk about targets then, trailing stop loss is good for now.
Furthermore Musk seems to have the ability to ramp this right up through tweets, making Tesla's 1.5 billion worth an awful lot more. I think in normal circumstances the SEC would get involved in the rampant tweeting of a security to inflate its price, but as we all know Bitcoin isn't classed as a security so there is little they can do about it. If Musk wants to try and fire Bitcoin to the space x moon he's doing a very good job. Personally I'm a big fan of crypto so I'm on his side anyway. I just don't want to see any novice traders get harmed on the way so thats my job to help where I can.
In my earlier trade I took swing profits at just under 45k, here I went in again when that channel was breached and i've drawn upside channels as potential resistance points, we could also draw fib extension points if we like, I prefer channel extensions. Its clear that this is a parabolic move so its anyones guess where it finally ends and is very high risk for amateur investors.
I'm going to keep this thread open whilst I am long in this parabolic move so press the follow tab above for updates. I'm also live on twitter where I posted the Tesla news just as it happened earlier today with some commentary. Follow me on there to if you like. Telegram channel is coming very soon. Thanks for all your love.
Let's see where price gets to tomorrow and we can talk about targets then, trailing stop loss is good for now.
Trade closed manually:
I've taken 75% of my profits here just below the top of the blue channel, this is because momentum seems to be moving more into ethereum at the time of writing this. See my other post for this commentary. Often prices fall a little short of the actual top and then put in a divergence at the top but as the trend is so steep, rather than wait around for that I'm happy to capture 75% profits, hold 25% and look to buy dips again.
Trade closed manually:
I've now closed all my bitcoin longs with the 15 min death cross. I'm happy to buy the dip again maybe at the green support depending on the technicals at that time
About me: I'm a retail day trader (trading since 1993). Most ideas here are for short time frames and become profitable quickly. I take profits fast as things change fast. 1-2-1 mentoring sessions available.
Telegram coming soon.
Telegram coming soon.