Bitcoin Update
Looking at later price action we very lucky to pinch a 400 point win as the US woke up at 7am est. From there it was
all down hill. Due to FOMC meeting and all those lesser fiat currencies that flip around on a dime on such days Bitcoin
got left as a buy above 16100 and a sell at 16447, looking to buy again at 16000 'or as near as possible'. In the event
the subsequent high was 16500, 53 points higher than the sell and the next low was at 16014, 14 points out from the
perfect re-entry point. This second trade netted about 340 points to add to the 400 won earlier. Now we had a second
chance to make another 330 points as Bitcoin rallied from 16014 back to 16447 again. And day traders will have have
had an absolute field-day: once they spotted the range they could have nearly doubled the 1070 points we have
taken in those three trades by shorting each run, as well as just buying the dips as we did. In a flat market today was a
near perfect day for being a day trader in Bitcoin.
As this is written Bitcoin is breaking lower, testing any weak bulls still left long from higher and coming down to
steal their stops under 16000. No interest in buying though. Maybe if 15169 gets tested later it might be worth
looking at if it holds up there (with stop no more than 100 points lower) - otherwise we can bide our time. We still
only need to pull 1000 per week out of Bitcoin to own it outright in 17 weeks. We average twice that amount. Let's
hope it continues as long as Bitcoin does. And when that day comes, just pray we're short or flat. Notice we never
own Bitcoin for more than a few hours at a time, apart from that prime cut that got slammed in the freezer at 7k?
Because one day Dimon might be right.
On upside next buy
Looking at later price action we very lucky to pinch a 400 point win as the US woke up at 7am est. From there it was
all down hill. Due to FOMC meeting and all those lesser fiat currencies that flip around on a dime on such days Bitcoin
got left as a buy above 16100 and a sell at 16447, looking to buy again at 16000 'or as near as possible'. In the event
the subsequent high was 16500, 53 points higher than the sell and the next low was at 16014, 14 points out from the
perfect re-entry point. This second trade netted about 340 points to add to the 400 won earlier. Now we had a second
chance to make another 330 points as Bitcoin rallied from 16014 back to 16447 again. And day traders will have have
had an absolute field-day: once they spotted the range they could have nearly doubled the 1070 points we have
taken in those three trades by shorting each run, as well as just buying the dips as we did. In a flat market today was a
near perfect day for being a day trader in Bitcoin.
As this is written Bitcoin is breaking lower, testing any weak bulls still left long from higher and coming down to
steal their stops under 16000. No interest in buying though. Maybe if 15169 gets tested later it might be worth
looking at if it holds up there (with stop no more than 100 points lower) - otherwise we can bide our time. We still
only need to pull 1000 per week out of Bitcoin to own it outright in 17 weeks. We average twice that amount. Let's
hope it continues as long as Bitcoin does. And when that day comes, just pray we're short or flat. Notice we never
own Bitcoin for more than a few hours at a time, apart from that prime cut that got slammed in the freezer at 7k?
Because one day Dimon might be right.
On upside next buy
a buy at 16000 or as close to and a sell at 16447 as before, stop below 16000