BTC Update

12 mag 2023

Oddly, BTC seems to be doing a better job of cycling between oversold and overbought on my usual 3hr charts that I normally use for index futures.

RSI and MFI hit oversold before Euro markets opened, I think it was the Chinese selling all week, their stock market has been going down all week as well. (Yes, I know the Chinese aren't supposed to trade crypto, but chart shows that they do. When they get a QE to pump their economy, BTC will go up. It always does.)

Anyways, I flipped my BITO puts this morning, it was a good trade.

12 mag 2023

Nota

You guys know me, I'm terrible at waking up early if I don't have a position. Went long on OTM BITO calls for next week, just 40 contracts at 30 cents.

I don;t have much conviction in crypto, but chart says buy so.... 20% of my profit for the week.

If it tanks in the afternoon, I'll add some more at a lower strike.

12 mag 2023

Nota

If anything, I'm disappointed that it hit my target overnight. BITO would have hit $ 15, and I would have made some serious money.

I am however glad that the Euro's didn't pump BITO green, so I made extra money off those $ 15.5 puts

12 mag 2023

Nota

BTW, by no ways an I endorsing crypto. Just trading the chart. This crap could easily drop 10 - 20% over the weekend, there is NO FUNDAMENTAL VALUE IN CRYPTO. Hence I went with OTM call options.

I have bought crypto before, but I always assume that it can go down 10% overnight, so trade accordingly.

15 mag 2023

Nota

China market up so crypto up. I told you last week....

Their government will eventually crack down, and you'll see a huge drop when they do. No idea when that will happen.

(Nikkei is flat, Korea is down, India up slightly. CHina is the only market pumping today.)