Oddly, BTC seems to be doing a better job of cycling between oversold and overbought on my usual 3hr charts that I normally use for index futures.
RSI and MFI hit oversold before Euro markets opened, I think it was the Chinese selling all week, their stock market has been going down all week as well. (Yes, I know the Chinese aren't supposed to trade crypto, but chart shows that they do. When they get a QE to pump their economy, BTC will go up. It always does.)
Anyways, I flipped my BITO puts this morning, it was a good trade.
RSI and MFI hit oversold before Euro markets opened, I think it was the Chinese selling all week, their stock market has been going down all week as well. (Yes, I know the Chinese aren't supposed to trade crypto, but chart shows that they do. When they get a QE to pump their economy, BTC will go up. It always does.)
Anyways, I flipped my BITO puts this morning, it was a good trade.
Note
You guys know me, I'm terrible at waking up early if I don't have a position. Went long on OTM BITO calls for next week, just 40 contracts at 30 cents.I don;t have much conviction in crypto, but chart says buy so.... 20% of my profit for the week.
If it tanks in the afternoon, I'll add some more at a lower strike.
Note
If anything, I'm disappointed that it hit my target overnight. BITO would have hit $ 15, and I would have made some serious money. I am however glad that the Euro's didn't pump BITO green, so I made extra money off those $ 15.5 puts
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BTW, by no ways an I endorsing crypto. Just trading the chart. This crap could easily drop 10 - 20% over the weekend, there is NO FUNDAMENTAL VALUE IN CRYPTO. Hence I went with OTM call options.I have bought crypto before, but I always assume that it can go down 10% overnight, so trade accordingly.
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China market up so crypto up. I told you last week....Their government will eventually crack down, and you'll see a huge drop when they do. No idea when that will happen.
(Nikkei is flat, Korea is down, India up slightly. CHina is the only market pumping today.)
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.