Discretionary Trading
Now Reading
Bitcoin Rejection At $10k Mark
105

Bitcoin Rejection At $10k Mark

Bitcoin Rejection At $10k Mark

by The MoleFebruary 16, 2018

Like equities the crypto sector has been enjoying a steady stream of buying interest over the past week. Bitcoin HODLers in particular may begin to relax a little again after having been on a roller coaster of losses and frustrations since the beginning of this year. The $10k was won only 2 1/2 months ago after which BTC doubled to almost $20k a mere two weeks later. Not taking profits at this point IMNSHO was a crime against humanity and the ensuing extermination event was well deserved.

Having their paper value cut by over 2/3 all the way down to $6000 (exactly by the way) is a lesson I hope any remaining crypto traders will soon forget as I’m very much looking forward to future short trading opportunities.

But seriously speaking now, this was a most productive shake out and since everything in crypto transpires in dog years (i.e. multiplied by 7) we could even call it a full fledged bear market. Thus far the advance higher has been pretty textbook and it’s not unusual that a first stab into $10k would be met with instant rejection. Like in the dating world a bit of persistence can go a long way – but don’t be creepy! 🙂

I’m taking out a small exploratory long position here with a stop < 9500. We don’t have confirmation yet and there is a pretty decent chance that we’re going to see another leg lower, or perhaps worse that this is just a swing higher before BTC (and cryptos in general) return to the woodshed. So easy does it for now.

I’m glad that I held on to crude as it finally seems to be taking off. My stop now goes to -0.5 ISL which is not something I do often. However I think in this case it’s warranted as I do want to reduce my risk a wee bit but at the same time give it enough room to run. I have big plans for crude!

The E-Mini also continues to be in good shape. Up up and away! Yeah I wish but the ugly reality here is that this could also just be a fast snapback in a new bear cycle. Until we have a bit of pull back and a recovery this is nothing but a first bounce higher. The breach of 2727 is positive and needs to be held. If we see weakness today and going into Monday then I may actually decide to grab a short position.

By the way I could be holding my debit spread longer as it’s largely insensitive to theta burn, another advantage when trading extended positions, but I now need to close it out as price has reached my spread’s max earning potential.

My EUR/USD long campaign is also in profitable territory but may soon be stopped out at +1R by the time you read this. Nothing really to say or do here – whipsaw happens and I’m glad I was able to squeeze a bit of coin out of its shenanigans.

One more entry opportunity before the weekend but you got to be a sub to see it:

evil_separator

It's not too late - learn how to consistently trade without worrying about the news, the clickbait, the daily drama and misinformation. If you are interested in becoming a subscriber then don't waste time and sign up here. The Zero indicator service also offers access to all Gold posts, so you actually get double the bang for your buck.

Please login or subscribe here to see the remainder of this post.

Sign up here to receive my FREE early morning briefing:

About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
Enjoyed this post? Consider a small donation to keep those evil deeds coming!

BTC: 1MwMJifeBU3YziDoLLu8S54Vg4cbnJxvpL
BCH: qqxflhnr0jcfj4nejw75klmpcsfsp68exukcr0a29e
ETH: 0x9D0824b9553346df7EFB6B76DBAd1E2763bE6Ef1
LTC: LUuoD6sDWgbqSgnpo5hceYPnTD9MAvxi6c
PayPal: https://paypal.me/evilspeculator