#2 Bitcoin looking to break resistance at $32,400
Good afternoon from Tbilisi (at least the afternoon is here)!
I’m sending out already second (#2) newsletter about bitcoin happenings in the short term. Both fundamental and technical analysis here
The last week saw some volatility for Bitcoin, a long waited bull run kind of started but quickly stopped after receiving negative news from the stock market.
If you are not yet following stock futures, probably you should. Bitcoin is very much correlated to the stock market, and there is no surprise about it as investors seem just to love bitcoin or at least love to profit from trading them.
I’m trading bitcoin futures on Deribit with 50x leverage.
Curently holding already 5 long positions with strike prices around $31,450, $32,500, $37,000, $42,000 and $43,000
For the short term, I hope to close both $31,450 and $32,500 positions to free up some bitcoin and lower my estimated liquidation price.
Keeping afloat for positions comes with some costs, with the biggest cost being my current estimated liquidation price is about $24,742 which might be safe for the shorter term, but there are plenty of Bitcoin bears pointing out that bitcoin could fall under $20,000 and even $8,000. I’m still quite a bit concerned.
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