Entered a $3.4M short on $BTC at range highs. As long as we don’t break this green line, I’m expecting another flush toward the mid $60Ks.
Equities seem to be bringing back some risk appetite, though it’s unclear how sustainable that is. I’ll continue to monitor and update this position accordingly.
Took profit on $RAVE at 10.4, then re-accumulated the full position at 16.5. Will provide another update soon.
Alright! On Feb 6th, we called the day of the bottom.
On March the 8th, we called the higher low. Not only that, we have it a 90%+ chance the bottom will hold.
I also pointed out how we only see 1 week of drawdown time and 1% drawdown price.
This is one piece to the puzzle of why I have been bullish.
And now that the market has backed my call with it's voice, I can kindly remind you again how shorts since this call, are for people allergic to success. The one short we framed was around the FOMC reversal, which has also passed, but didn't lead us below the call.
Because 90% can't be underestimated.
90%+ is my standard, because it genuinely helps many out there with confidence enough to trade. Especially since many had an opposite stance of being bearish, expecting sub 50k, now with variations of goalposts moved to 66k, expecting the 2022 fractal to play out, calling for new lows in October, or just talking about the bear market. Most calls are as thin as paper, but the mind is very easily influenced by repetitiveness reinforced by emotions, which is why so many expect lower, why it felt good to expect lower, and why engagement farming received clicks, all against data.
This is simply how the market works, and always will work. And this continues to be a part of the reason why my system will continue to work. Again and again, and again.
And yes, I could still be wrong and we could fully reverse and break down on the range. But going against strong data and following random fractals has never paid well in trading.
It's rather gambling, really.
Enjoy the longs we are holding, everyone who traded along. We are holding 5 of them so far, and keep an eye out on the data I talked about during this entire range, all supporting my (surprise surprise) bullish thesis for this range.