Bitcoin 100k Fakeout -- Closed out position
Well it was nice when it lasted. The fantasy of bitcoin breaking 100k clean and going to 120k--that's dead now.
IBIT at 59 peak before 10am thursday--mark to market profits were 65k on options, up 25k on stock, up 12k on my coinbase futures.
I exited all over them before we went below 100k. Dumped the futures first, then the Dec options, then the July options, then the stock. Ended up making 25k total maybe. I didn't really want to wait for confirmation of a print below, tape seemed too weak to me. All I have left is my spot position from much lower averages.
This is why I'm not a good breakout player. Even with good timing, I try for the big gain and I rarely ever get it. This is the type of aggression I needed at 73k after a 6-month range breaks. Oh well. I played good defense on the position but the entire day left me exhausted. My worst fear was that I'd be the low tick exiting at 101k and it somehow grinded back to highs so I had to keep watching the quotes for the sake of closure.
It's still at 99k as I speak. I don't think this is the top of all tops, it's just short-term price rejection of over-leveraged monkeys like me. Could be back over 100k today or the weekend.