Barf!
So I found myself watching inauguration day footage live, not because I was interested in any of this drivel, but because I've been revenge day-trading all morning and into the afternoon. How do people watch this boring propaganda and not fall asleep or hit the mute button? I could not handle it for any significant period of time and took my headphones off even when what was being said could have been relevant to the day trading. If you can't tell this is my first time trying to watch such garbage.
Kinda sorta worth it though
I was pretty damn annoyed when I woke up this morning to see that Bitcoin decided to spike to all time highs in the dead of night like it often likes to do. My stop-loss got triggered at $108k and we went up to $110k. I thought about giving up but... in for a PENNY in for a POUND. LET'S GO!
And before I go further let me just say that this type of revenge trading is extremely risky and dangerous. Doubling down and tripling down on failed bets is a great way to go on tilt and blow up your entire account. However, I was convinced today was a sell the news event and figured that maybe this higher price was just an even better entry point to do something crazy... so I start making x100 short bets.
Now the thing about x100 leverage is that if the price moves even 1% against you... you lose all your money. So I had to keep the collateral amounts relatively small. I was making $50 bets in this regard hopping we wouldn't continue this bullish trend... and luckily I was right... at least for the time allotted. I'm basically up $1000 today and my trading account is flush with cash. At this point I need to withdraw some just to get it off the exchange.
So it begins...
As soon as the clock hit noon some of the bots decided to dump a little. And then shortly after they were dumping a ton. I saw the price go from $106k to $101k in three minutes... and then back up to $105k over the next 5 minutes. These were pretty insane moves considering I was x100 leveraged and every $1000 move down multiplied the principal by x2.
The biggest dumps occurred when Trump was talking about what was the most important to him and what type of executive orders he was going to sign that day. When he didn't mention crypto and the speech ended is when all the craziest poop and scoops happened in the market. You can see that everyone including me was trading this thing in real-time like madmen.
I'm feeling damn lucky today and remain grateful that this degeneracy worked out in my favor this time around. It could have just as easily gone the other way. This was by far the most stressful trading session I have ever participated in over better part of the last decade. I made over a dozen trades and was scalping gains and losses in real time using 15-minute candles. It was intense; Do not recommend. But at least I feel vindicated... sort of...
Is this a downtrend?
Zooming out on the chart to 4-hour candles shows that even after the insane volatility today it still looks like we are potentially breaking out of the sideways crab market and squarely back into the bull. It would actually make sense if this happened considering how absolutely wrecked the alts are on aggregate. We have a lot of tokens in the red today, but still green on the weekly somehow. If Bitcoin doesn't flip back into a downtrend soon... like within a day or two... I'm going to have to assume that there's a good chance we are breaking away from this $100k hellhole and ready to move higher.
Then again it's MLK day and the markets are closed, so we'll have to see how this three-day weekend has treated the ETFs tomorrow. Also the inauguration is technically still going but it appears as though the market has stopped responding to it. I'm going to have to flip long either tomorrow or the next day so not out of the woods yet I suppose. It will be nice to pump this garbage USDT back into Bitcoin I'll tell ya that much.
Conclusion
Today I was handsomely rewarded for being a degenerate and doubling down on a busted bet. Of course I can't let that type of luck get to my head, as this is a recipe for disaster. Making money is never difficult in a bull market; it's keeping the money we've made that's tricky.
Today might of had sell-the-news vibes, but price still needs to crash significantly more to prove we are still crabbing, let alone validate any kind of downtrend. This bull market is still very much in easy-mode, and it appears as though it will remain so until further notice. All the shorts get squeezed sooner or later. Up only and to the right.