Over the past month or so, I’ve had a lousy time trading Bitcoin (BTC.X). A few days ago, I decided I had enough, and I figured I wouldn’t touch the scam for a while.
I did stick with one crypto position, however, which is Michael Saylor’s Strategy (MSTR). Even with all of BTC’s strength, I am still looking at a 9% profit on this short.
Yesterday, I decided to once again short Bitcoin, by way of both shorting IBIT and, in another account, buying BITI. We’re not out of the woods, but with /BTC down about $1200 right now, there seems to be some hope that we’ll turn away from that resistance line I’ve drawn with a dashed horizontal.
As for the inverse fund, BITI, this, too, still has the makings of what could be a tremendous potential bull run (which is bearish, natch, since it’s a bear fund). My stop-loss on this long position is 24.05:
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