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Yesterday, one of my bearish positions, SMCI, blasted higher pre-market (red circle). I couldn’t do anything about my options until the open, and mercifully, the stock immediately resumed its fall. I closed PART of my position at a good price (green circle). This morning, since SMCI was the #1 gainer with an enormous lift thanks for them filling out some paperwork on time, I RE-LOADED the full position (purple circle).
In my last post I was looking at the big support levels on Bitcoin (BTCUSD), Solana (SOLUSD) and Ethereum (ETHUSD). I was leaning towards seeing a retracement / consolidation on Crypto in the first half of this year and then strong new highs towards the end of the year with possible bull market highs pencilled in for Nov/Dec 2025.
That is still my view and I still don’t think that the bull market is over. I did promise to cover why that is in this post but I have other things to look at today so I’ll be looking at that in another post before the end of the week.
On Bitcoin (BTCUSD) I was looking at a very obvious backtest target at the 2021 bull market highs. I’ve marked that on the chart below in the $64.9k to $69k range. I also have a rising support trendline from the October 2023 low that is currently in the $65k area and due to reach $69k in May.
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