It sure has been a boring few months for Bitcoin. Yet, I seem to remember alt coins started getting everyone into crypto last run with news cycles about people becoming billionaires off from $8,000 investments into coins such as Shiba Inu and Doge. Yes, Bitcoin was moving up as well but, we had a few alts take a stride first.
I am pretty confident that this pump up is a fake out (and not the begining of the bull run yet, considering it would be a LARGE FAKE to hit $35k) due to the lack in volume we have in the move. As I have stated in previous posts we may have a breakout to around $35k before having a pullback. That being said, I have decided not to hedge anymore shorts and let the shorts that we used two 20% allocation of the profits we made from our long in January hit their stop loss if we do keep on pushing. I have a BTC1 futures chart that aligns with this too.
If you look at the new position reminder I wrote in green on the left of the chart you will see the profits we have already made if you were only doing 1x!! So taking this small loss on the hedge would only cut around 6.7%n off of our profits but, our long would hit around 115% again, WITH ONLY 1x!! Plus the hedge was hella worth not having the stress the past few boring months which has worked out for me since my life has been sooo chaotic. Along with the two small short hedges we took 50% profits on in January and February.
I am also glad that this chart has been soo successful as if we do take an L on the two shorth hedges we will have only had 3 losses in over a year of trading on this chart. BTW, I have erased a few things on the chart, I will link the prior BTC LIVE chart so you may see any changes made. I ONLY DO THIS TO MAKE ROOM. I try to keep the best notes possible in the past for learning purposes.
P.S. I hope you guys are ready for me to be all in the chat again and trading... its been a rough patch but, luckily, there wasn't much action as we have been going sideways for a few months now.
7/2/23 ---- 3:01 am EST
I am pretty confident that this pump up is a fake out (and not the begining of the bull run yet, considering it would be a LARGE FAKE to hit $35k) due to the lack in volume we have in the move. As I have stated in previous posts we may have a breakout to around $35k before having a pullback. That being said, I have decided not to hedge anymore shorts and let the shorts that we used two 20% allocation of the profits we made from our long in January hit their stop loss if we do keep on pushing. I have a BTC1 futures chart that aligns with this too.
If you look at the new position reminder I wrote in green on the left of the chart you will see the profits we have already made if you were only doing 1x!! So taking this small loss on the hedge would only cut around 6.7%n off of our profits but, our long would hit around 115% again, WITH ONLY 1x!! Plus the hedge was hella worth not having the stress the past few boring months which has worked out for me since my life has been sooo chaotic. Along with the two small short hedges we took 50% profits on in January and February.
I am also glad that this chart has been soo successful as if we do take an L on the two shorth hedges we will have only had 3 losses in over a year of trading on this chart. BTW, I have erased a few things on the chart, I will link the prior BTC LIVE chart so you may see any changes made. I ONLY DO THIS TO MAKE ROOM. I try to keep the best notes possible in the past for learning purposes.
P.S. I hope you guys are ready for me to be all in the chat again and trading... its been a rough patch but, luckily, there wasn't much action as we have been going sideways for a few months now.
7/2/23 ---- 3:01 am EST
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