I’ve been watching and talking about this in my trading room every day this week, but as I mentioned last week I was on the hunt to short bitcoins.
Since there wasn’t a great way for others to participate in this trade, I didn’t write about it this week. There’s the $GBTC ETF, but I’m not a fan of it.
Anyway, not a chest thumping moment, but more of a sentiment play to watch here. Since I missed the short, I can only stalk a long now, but I’ll wait for a move down to $700 or lower.
Speaking of shorts, Gold hit overbought on my timing oscillator yesterday. As I spoke about in boot camp, this rally we’ve seen in the last two months would be the biggest of the year. Now the play is lower for most of 2017. Each rally will get less and less exciting.
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http://www.mcoscillator.com/learning_center/weekly_chart/bitcoin_is_a_bubble_weve_seen_before/
$PRLB up sharply this AM!
I am convinced you have a time machine.
Vol crush is killing me though…. The mark on my contracts hasn’t moved at all.
Probably going to add to my IWM puts before end of the day today. Maybe some more TLT as well.
3 weeks of rip-age in the Russell turned into 2 months of consolidation. That oversold signal back before the election was a huge deal – thanks OA for putting us in front of it – My 401K is grateful
Short TWTR is best TWTR.
Still in AMZN?
In a “balls out” kinda way.
Rolling over a bit now. If another rolling short squeeze, then 830. Otherwise target now 826-827
Hmm, amzn coming down. Not sure if it will bounce from 820-821 or crash through. FWIW, I rang cash register on qqq calls from yesterday. Good luck with AMZN
Why do you tell me about the QQQ trade?
It was trade I took yesterday which i mentionrd. Disregard.
Good to see you are still following Bitcoin. It’s volatile. We could retrace and hit despair but overall 2017 looks very positive. Also, GBTC does not equal investing in Bitcoin. GBTC is shit actually, but if it’s your only avenue it’s better than nothing until $COIN ETF comes (which SEC is likely to reject but oh well).
We flash spiked down to $900 on news PBOC stopped BTC withdrawals for 30 days. That’s the strongest measure China has taken to date. Silver lining, each action the PBOC takes has less and less effect. A 10% move isn’t negligible but in the past that would have really caused havoc.
If China goes after the miners then they are attempting to cut the head off the snake.
Bitcoin longs may be rewarded very handsomely. We’ve taken on a boatload of risk. A cryptocurrency will survive and thrive, if not Bitcoin keep an eye on Monero.
I know GBTC is shit, which is why I didn’t use it.
I think it’s going to head a lot lower than I originally thought.