BITX - Double Your BTC Stack

4月30日

With the Bitcoin ETF's becoming a reality, there are many new crypto related assets such as BITX provide you exposure to 2x leverage to Bitcoin. This provides traders with opportunities to scale their position, without the risk of liquidation.

Ive been waiting for the market to retrace, and perhaps this drop on BTC touching 59K, with big news ahead for tomorrow during the CPI release may be a recipe for serious volatility in markets. Moreover, the recent launch of the asia BTC related ETF's released in Hong Kong will provide millions of people with access to Bitcoin exposure.

My main thoughts for this trade will stem more from the technical analysis on Bitcoin which I will link in a separate idea. However, for me personally the weekly time frame trend is still upwards and I will remain bullish until Bitcoin fails and makes a new lower high pivot.

A long trade may be probable here as we approach some levels of liquidity between 58k and 59k. This may also be viewed as prices ranging $30-$32 on the BITX ETF.

Looking for buyers to regain control here and rotate back to test the previous high at $60. CVD and RSI showing me some divergence, however the RSI has not printed a confirmed bull signal just yet.

Only time will tell..

5月1日

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Starting to build the long as we drop here

5月1日

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Low set just below $32

5月1日

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Next, looking to the $40 level for acceptance back into the zone, or rejection.

5月2日

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5月3日

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5月9日

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Getting a clear resistance at exactly $41. Nice potential swing failure pattern.

5月9日

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Interesting...

5月10日

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0.382 providing us with a probable trend continuation support

5月10日

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Adding to my position here near the CC zone

5月13日

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Nice

5月13日

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Taking some profits at this $39/$40 level and will let 20% ride. I am a bit worried of a potential correction on BTC so I will want to manage my risk accordingly here.

5月15日

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Very Nice push

5月21日

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5月21日

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Out of this trade now :)

Will be looking for better entries

5月23日

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Currently looking at $40 S/R flip as a potential bounce zone. A loss of the level would be quite bearish and I would expect at least another 10% drop.

Taking this level to level. Right now we just need be patient :)

5月29日

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My trade plan, looking for potential support in the zone below. There is a potential inverse head and shoulders pattern printing.

6月9日

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Good to be patient and wait for a better entry.

I will consider taking a long trade here at the Range POC on Monday's open if Bitcoin can find support.

If we lose and backtest this price range, then we will likely drop back to $40.

Lets see how NY open will play out.

6月10日

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Taken a long trade here, it is slightly risky. Break below the POC and I would be out

6月10日

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Here is the zone I am looking at for the potential short.

6月11日

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Next support is around $40 again as we have been aware of. I will look to continue this long trade at that price point if BTC can find support.

6月11日

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Took the trade as we came into the $40 zone

6月12日

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Here is the backtest of the POC.

Context here is very important. Because we simply dumped without confirming the POC as resistance, we now have many shorts under water as the market has recently squeezed and attempting to reclaim the POC.

Had this price action came back to retest the POC , before it is lost, would be more bearish for me.

In this instance I knew we had some major support levels below, and It is hard to be bearish at support.

A continuation of the POC as support would lead me to believe the probabilities favours higher prices, as buyers will be forced to purchase at higher prices.

Only time will tell

Levels above are marked on my chart

6月12日

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6月12日

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Bitcoin at a crucial level

6月12日

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Bigger picture

6月13日

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Bitcoin showing us some volatility. We are losing the POC on BITX and that would be a bearish sign for me. Ive taken quite a bit of profits on this bounce but it seems like we might be rolling over here.

Looking for this potential setup for a new trade.

6月13日

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Here is the retest and loss of the POC.

Looking for lower. No trades at the moment, I need more market data.

6月14日

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Coming back into our buy zones.

I will be adding some shares here, and more if we drop lower.

6月18日

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Coming into our CC retracement zone. If we don't get a meaningful bounce from this region, then I am okay to take a small loss on the trade and wait for some more data.

6月20日

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Decided to add a few shares here off the CC retracement. Would be amazing to reclaim the value area low around $40 as a sign of strength.

6月21日

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Bitcoin at the range Value Area Low. This is a make it or break it zone. If we lose this low, then we will see a big drop on BTC.

6月24日

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Stopped out on this trade for a bit of a loss. No worries its just part of the game!

But we are rolling over as expected, should have been more patient and trusted my analysis. Will be looking for some new trades down at this price point for a bounce.

6月25日

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Here is the previous low liquidity taken and closed above our 31.83 low.

This for me is a valid long trade and potential fakeout of a triangle which sometimes happens with BTC price action.

6月25日

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Ideally looking to retest the resistance as the first TP.

6月25日

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On the lower time frames

6月28日

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Now or Never

6月30日

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Bigger picture, fakeout of the triangle, low level liquidity sweep.

7月1日

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Nice

7月5日

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My previous long trade was stopped out at break even, however my short trade printed some nice profit which I will now move back into BITX at the low here.

7月9日

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Starting to get a bounce

7月23日

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Looking at the price action as more so of a range, with a recent downtrend measured by the trendline.

I wonder if price will respect the falling wedge, or reverse at the larger resistance zone above marked by the 21 Ema, Range Point of Control, combined with the downward sloping trend line.

A break above should be strong and impulsize to breakout of this consolidation.

8月13日

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Looking to tomorrow as a potential sell event, we have a big gap that is being filled from the recent massive drop.

Looking for a 10% move up to fill the gap before a move back down below previous lows where liquidity sits.