I hope none of y'all were shorting today because we gigachad pumped across most crypto markets. Bitcoin dominance is surging like crazy and the FOMO is just starting to kick in for many.
I'm trying to stay strict with my trading strategies and rely purely on the existing capital in my account, although I was tempted to buy these dips over the last few weeks. My switch from MULN to BKKT this past month was a great strategy although the entry price was not ideal. Today Bakkt redeemed itself as it pumped beyond my entry price.
I ended up getting assigned to sell 100 shares because of my covered call contract. My second covered call expires next week.
On Monday I will consider using the cash I received from my assignment to write cash covered puts against BKKT, but I'd rather wait until the price pulls back. That way I can rebuy the shares while also getting a discount.
It's been incredibly hard to trade in these choppy conditions using the strategies I've employed. It might be time to reconsider my ideas and just begin to trade equities like RKT, TSLA and PLTR. These are more mainstream and in high demand.
Next week we will see where the market takes Bakkt then I will make my next moves!