re: Official CryptoTalk Thread

No need to be down about timing the market perfectly. In the short term, Bitcoin is very unpredictable.

I bought another stack of BITX (via BITO sell) mid morning today after Bitcoin dropped to approximately $96K. I was planning to do this when Bitcoin fell below $97K, so I bought in at $1K better than my trigger point.

Then Bitcoin continued to fall to below $93K. I am not even phased. Within 2 weeks, I expect Bitcoin to be testing $100K again and I will reverse this particular trade when Bitcoin goes above $98K.

It's possible that Bitcoin might take a few tries at $100K before breaking through for good. So we might have some good volatility trades ahead with nice amplitude and frequency.

Not sure what to tell you about when to buy more actual Bitcoin other any time is a good time to buy if you hold it long term

Alt season

Not a single thing mentioned about crypto today on the first big holiday gathering. Anecdotal but looks like we still on the up and up

someone please rate my amateur newbie butt here:


I've got...

XRP - guessing 22 percent of my crypto universe

DOGE - 22 percent give or take

LINK - another 22 percent

XLM (Stellar Lumens) maybe 11 percent

the other 20 percent or so is token BS holdings of BTC, ETH and SOL which I'm thinking of dumping and buying more of the above currencies, since I'll never have a good position on them because I'm a noob

Coinbase and utilize coinbase pro to cut the cost, it also depends on how much you are playing with. I wouldn't recommend CB Pro if you are trading small amounts though

quote:

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I bought another stack of BITX (via BITO sell) mid morning today after Bitcoin dropped to approximately $96K. I was planning to do this when Bitcoin fell below $97K, so I bought in at $1K better than my trigger point.

Then Bitcoin continued to fall to below $93K. I am not even phased. Within 2 weeks, I expect Bitcoin to be testing $100K again and I will reverse this particular trade when Bitcoin goes above $98K.

---

It only took 4 days and I was able to reverse this trade when Bitcoin was approximately $98.3K earlier this morning.

I also discovered that I can double my gains on every volatility trade going forward. Stupid me, I could have been making twice as much per volatility trade all year. I'm not complaining though as I have done very well this year despite my oversight on the following detail.

I have been trading Bitcoin price swings all year by selling approximately 5% of my BITO stack on Bitcoin pullbacks and simultaneously buying BITX with the funds from selling BITO. Then I reverse the trade when Bitcoin recovers. That's a smart volatility trade without requiring any new funds and I have made numerous trades like this in 2024.

Now for the stupidity on my part. I hold roughly 20% cash in all of our retirement accounts. I just discovered I should have been putting that cash to work to double my profits.

Scenario#1:
I sell $X amount of BITO and buy $X amount of BITX on a Bitcoin pullback. Within days, Bitcoin recovers and I reverse the trade . If I reversed the trade when Bitcoin recovered 3%, then my profits are roughly 3% as BITX gained 6% but I have to subtract 3% from the 6% to account for the BITO I sold for this trade set. I still made 3% which is great.

Scenario #2:
Same trade as above, but instead of selling $X amount of BITO, I just use $X amount of cash that I already had in my account to buy $X amount of BITX on a Bitcoin pullback. I sell the BITX when Bitcoin recovered 3% in this example. BITX gained 6% in this short time frame and I sell it all pocketing the whole 6%. I then immediately purchase BITO back using those funds from the 6% gain and recover the $X amount to cash. I now have my $X back in cash plus 6% more BITO using my cash in the trade set versus only pocketing 3% more BITO without using any new funds in scenario #1.

1.8 xrp

Bitcoin volatility is pretty good right now. That always seems to be the case when Bitcoin is trying to punch through a resistance level, especially like a previous all time high or the next 10K level.

I just bought another stack of BITX at the market open this morning when Bitcoin was right at $96K, but this time with cash. I'll sell it when Bitcoin gets above $98K, and put just the gains in BITO and recover my cash to wait on the follow-up pullback.

just coming to say how gorgeous the Link chart is. classic perfect cup and handle. should have read it a mile away.