This morning Bitcoin bounced off of the bottom of the upward channel. As you may remember beloved readers, I placed more longs on Bitcoin yesterday (BUYING). Here’s my reasoning.
Firstly, Bitcoin has had a correction within the channel. That’s the simple technicals of it, although I don’t yet have confirmation from MACD, it is quite a clear channel, it failed to break out and I bought in right at the bottom yesterday adding to my existing long trades. Using dollar-cost averaging. Note, you should only ever do this if you are not using leverage.
Secondly, this week is going to be a week where there won’t be too much volume in the dollar because of non-farm payrolls on Friday, after a terrible time in the last couple of weeks with bonds and tech stocks, anything that seems bullish will be pretty exciting.
I suspect Ether and Ripple will also start their move upwards in their channels so I’m hoping to have some nice profits from Crypto later in the week, but I will seriously consider closing the trades before non-farm payrolls if they are in good profits and then starting again next week building new investments when I see what the fallout is. NFP is normally 13:30 on a Friday UK time. If you want to see fast moves in the markets (SOMETIMES) this is the place to sit back, click off your shoes and watch the madness. But take note, if there is a clear move in a particular direction wait till the price moves back to fair price then look to make that your direction of travel for the next month for the dollar, but watching out for FMC meetings which can also give a rocky ride.
What about GME?
Gamestop is amazing. I’ve got some tidy profits in the stock. My DCA move was right and I’m up a shocking 80% in a week or so. According to Reddit, there are simply hardly any shares left to short.
What’s going to happen? Anyone’s guess but I’m looking forwards to this week. Would I buy more Gamestop now? Not sure at the moment.
Incidentally, something that is *VERY* important to notice, take that Bitcoin Bounce chart. Look at the increased volume in the market. That’s very different. I think the wild rides of crypto are over and we will see more measured movements in the market because there are a lot more big players. Including Elon Musk with his 1.2 billion holdings. Watch this space! (literally, subscribe, you know you want to!).
Be First to Comment