BTC - Long around 80k after resolution of BTC Futures Volume gap
I closed by BTC position (which was infact call spreads on BITO) at 107k and haven't touched it. I don't like to short in general and bitcoin can be very tricky.
I am interested in BTC at around 80k after the resolution of the BTC Futures Volume Gap and the mitigation of short interest present at former all time highs etc.
If volatility has spiked aggressively I may look to enter into a credit put spread and use that to finance OTM calls at longer expirations, I will do that all on IBIT.
On a paper trade I setup a few days ago I have OTM 45 puts on the February 21 contract on IBIT. I didn't actually take the trade as I've been busy managing QQQ and NVDA positions, but it would have served the basis of a multi leg low risk synthetic call if I had.
The open papertrade on Optionstrat is linked below. It was planned but I didn't take it because I got distracted by other things like watching 50% of my unrealized profit on NVDA vaporize because of a stupid mistake I made when hedging.
optionstrat.com/5VsEsiU5Njzw
I am interested in BTC at around 80k after the resolution of the BTC Futures Volume Gap and the mitigation of short interest present at former all time highs etc.
If volatility has spiked aggressively I may look to enter into a credit put spread and use that to finance OTM calls at longer expirations, I will do that all on IBIT.
On a paper trade I setup a few days ago I have OTM 45 puts on the February 21 contract on IBIT. I didn't actually take the trade as I've been busy managing QQQ and NVDA positions, but it would have served the basis of a multi leg low risk synthetic call if I had.
The open papertrade on Optionstrat is linked below. It was planned but I didn't take it because I got distracted by other things like watching 50% of my unrealized profit on NVDA vaporize because of a stupid mistake I made when hedging.
optionstrat.com/5VsEsiU5Njzw
Nota
I should note that my BTC position ran from 63k to 107k.Nota
Also worth noting that this doesn't have to happen. Large lot BTC traders are notoriously trappy, they like to setup false breakdowns and scope up liquidity, one of the reasons I generally don't try to short BTC.
However, if this DOES happen, this would be the plan based on the areas of interest on the chart.
Trade attivo
My entry target for BTC is still 80k, I have no interest in BTC when it is bouncing around rangebound doing the trappy stuff that it has been doing for weeks. The false breakouts, false breakdowns, pivots blah blah blah are all reasons why I just generally avoid BTC.
FOMO is not an issue for me because I make plenty of money on things with actual intrinsic value (like stocks etc) so if BTC blasts off to 120k without me I'm just fine with that, I'm not going to be bored.
IFF BTC retraces back to 80k, then I will consider a synthetic call entry or some equivalent on IBIT. Until then I'm just hands off.
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