Trading Updates!
I realized that it's been a while since I posted about cryptocurrency. My last post was on March 18th, and in it I speculated about where the bottom lay. Fast forward to today and let's see how things have played out since then and what my new predictions are for the next little while.
Price retested the 9k level and turned back for the actual push towards the low
Reached the new intermediate low of 6425 at the start of April and hung about for a couple of days
Began its journey back up but was stopped short at 7400 and came back down, possibly due to there being too many longs
Forced the longers out and got them to short, kept the price suppressed under 7k for a few days
Shot up with a huge green candle on April 12 to 8k
Kept bulling up towards 9k and hit a high of 9767 before reversing for a bit. Looked like the pump was done and fell below 9k, but then pushed back up to retest the resistance for a new high of 10k
Coming back now, but more retests of the support at 9k suggests we are entering a shockwave
In the coming days we could see it bounce between 8900 and 9900. The probability is higher that it will resolve down, but it is yet to be seen. If there are too many shorts, then the price will continue to rise until they're driven out. My funding on Bitmex is still very positive, so at least on that exchange, more people are going long than short. I'm making some nice upkeep by keeping my trade open!
It's a Waiting Man's Game
It took me two months to build and close my trade. That's a long period of time for a single trade. As the subtitle suggests, it is definitely a waiting man's game. My trade was down for a majority of that time and man that was a frustrating, scary experience. It takes a special kind of nerve to be down 10 grand and at the mercy of the market.
Luckily, though, I held strong and managed to realize a very healthy profit (and my first 5-digit gain in crypto!)
I have to admit, the feeling wore off unexpectedly quickly, for better or for worse, and I was immediately back at work trying to put together my next play. I never pay myself when I make gains and simply put it all back in. Bear markets are a time for accumulation and not for gratuitous spending, so I have to play the responsbile card and play it smart for this year.
I'm now into my next big trade and slowly building it up, just how I did my first one, and I'm using what I learned from my first trade to help me trade even smarter with my next one. In my next post I'll do a retrospective of my time trading since October, and we'll see how far I've come since then~