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All I can say is that it’s about goddamned time. After screwing around for the past week, BTC finally broke its trendline. Here’s hoping this is the start of something much, much bigger, as I have multiple positions based on this sucker plunging.
I’ve been impatiently waiting for Bitcoin to break for weeks. We aren’t there yet, but we’re very, very close. It briefly crossed below the psychologically important $80,000 level earlier today, and it is pressing against the trendline. It has NOT broken it yet, but if it does, that’ll be a positive development for the one or two Bitcoin bears on the planet besides myself.
Unrelated to this, I took 120% profits on my SMH puts I bought yesterday. I wouldn’t be surprised if they go up more in value, but I’m just not emotionally designed to deal with stuff that expires in a matter of a few days.
At the risk of seeming like I’m grasping at straws, I noticed that the Fibs have an interesting relationship with the BTC chart.
Well this is nervewracking.
When I went to bed Sunday night, I figured it was virtually certain that I’d need to do a post on Monday morning that I was giving up on my Bitcoin analogy (and, therefore, short position). It was up thousands of dollars and seemed in no mood to slow down.
