BTC @ 62,700 today 42624.
As mentioned in previous posts I do not currently have any BTC/ have been betting that BTC will drop from its high of ~~73K by purchasing BITI(Proshares Short BTC).
I was able to unravel the 2nd of 5 tiers from my short position on BTC (BITI) last Wednesday (a week ago). Reminder: The BITI moves in the opposite direction of BTC futures.
My sell was for 20% of my stake at a >=16.6% profit. I still have 3 of 5 tiers remaining and though the next tier will potentially hit today or Monday the remaining two tiers are still a little underwater as I will need BTC to drop below 60K and then toward the 54k-56 range. If this 3rd tier does indeed hit Im golden/ will have several options for how to play the remaining two positions. Possibly an arbitrage situation going forward. Though Im not an advocate for hedging(Investing or gambling).
The volatility of BTC makes it difficult to project(at least for me). So I also have two additional tier Buys in place to purchase more BITI. If BTC spikes and hits the >=73K, and then 84Kish targets. In other words I have the squeeze on BTC(i.e. My KUNGFU Grip
) At least if BTC doesn't skyrocket to >=90K in the near future. Then BTC would have me in a choke hold or at least force me into waiting for a few weeks to months,...etc.
If BTC were to hit 90K before it drops on down to 59K I would just wait it out. As I would likely be required to just hold my last two tiers and hope for a huge decrease in BTC sometime in the future. I started placing these tiers several weeks ago so Im optimistic by bets will come to fruition within the next few days to weeks.
Good luck to all crypto investors
As mentioned in previous posts I do not currently have any BTC/ have been betting that BTC will drop from its high of ~~73K by purchasing BITI(Proshares Short BTC).
I was able to unravel the 2nd of 5 tiers from my short position on BTC (BITI) last Wednesday (a week ago). Reminder: The BITI moves in the opposite direction of BTC futures.
My sell was for 20% of my stake at a >=16.6% profit. I still have 3 of 5 tiers remaining and though the next tier will potentially hit today or Monday the remaining two tiers are still a little underwater as I will need BTC to drop below 60K and then toward the 54k-56 range. If this 3rd tier does indeed hit Im golden/ will have several options for how to play the remaining two positions. Possibly an arbitrage situation going forward. Though Im not an advocate for hedging(Investing or gambling).
The volatility of BTC makes it difficult to project(at least for me). So I also have two additional tier Buys in place to purchase more BITI. If BTC spikes and hits the >=73K, and then 84Kish targets. In other words I have the squeeze on BTC(i.e. My KUNGFU Grip

If BTC were to hit 90K before it drops on down to 59K I would just wait it out. As I would likely be required to just hold my last two tiers and hope for a huge decrease in BTC sometime in the future. I started placing these tiers several weeks ago so Im optimistic by bets will come to fruition within the next few days to weeks.
Good luck to all crypto investors