This newsletter is sponsored by PHEMEX, the only exchange that I use to trade crypto with leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out - you know that I never endorse a product that I do not use!In the most typical Bitcoin type move ever, the coin broke all time highs on multiple exchanges yesterday, leaving them unbroken on others. While some still remain unbroken, the all time high did finally fall on Coinbase, if only by a few dollars.What came next is so... Bitcoin. It dropped about $1500 in just over an hour, right after breaching the line.In the famous words of Maximus in Gladiator - ARE YOU NOT ENTERTAINED?As I tweeted today, when you swim with whales, you are likely to get crushed. High leverage longs (I had a small one for fun myself!) were stacking up across the board, just waiting to be squeezed by an eager seller. Whales likely took advantage of that opportunity to take profit and buy back again lower, with cascading liquidations. As I like to say - your stop loss is often a whale's entry.Funding remains high and favors shorts, so traders appear to be going long once again. Who can blame them?This serves as a perfect example as to why trading with leverage is dangerous and unnecessary. A spot trade taken in this area would not have stopped out and price is likely trading above the price where most of the leveraged longs were closed and liquidated.Remember - a $1000 Bitcoin move is merely 5% at these prices!This is not the time to be trading aggressively - all you need to do is hold your positions and be patient. We have been accumulating for years waiting for Bitcoin to finally reach it's potential. Trading it all away now would be insane.Chart Requests stream tomorrow on YouTube: https://youtu.be/FjEBF3anlE0I take chart requests from 8 AM to 1 PM EST on Wednesdays. You can send them by responding to this email.In This Issue:Bitcoin Thoughts And AnalysisAltcoin ChartsLegacy MarketsTrading TipsJanet Yellen Is Biden’s PickGrayscale Says Bull Run "Just Getting Started"Companies Catching Up To TechFacebook's Libra Gets A Rebrand To DiemCoinbase Offers Full Support To ETH 2.0Bitcoin’s Rise Comes At A CostThe Wolf Of All Streets Podcast Ft. Zach IscolMy Recommended Platforms And Tools
The Wolf Den #126 - Whale Bait
The Wolf Den #126 - Whale Bait
The Wolf Den #126 - Whale Bait
This newsletter is sponsored by PHEMEX, the only exchange that I use to trade crypto with leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out - you know that I never endorse a product that I do not use!In the most typical Bitcoin type move ever, the coin broke all time highs on multiple exchanges yesterday, leaving them unbroken on others. While some still remain unbroken, the all time high did finally fall on Coinbase, if only by a few dollars.What came next is so... Bitcoin. It dropped about $1500 in just over an hour, right after breaching the line.In the famous words of Maximus in Gladiator - ARE YOU NOT ENTERTAINED?As I tweeted today, when you swim with whales, you are likely to get crushed. High leverage longs (I had a small one for fun myself!) were stacking up across the board, just waiting to be squeezed by an eager seller. Whales likely took advantage of that opportunity to take profit and buy back again lower, with cascading liquidations. As I like to say - your stop loss is often a whale's entry.Funding remains high and favors shorts, so traders appear to be going long once again. Who can blame them?This serves as a perfect example as to why trading with leverage is dangerous and unnecessary. A spot trade taken in this area would not have stopped out and price is likely trading above the price where most of the leveraged longs were closed and liquidated.Remember - a $1000 Bitcoin move is merely 5% at these prices!This is not the time to be trading aggressively - all you need to do is hold your positions and be patient. We have been accumulating for years waiting for Bitcoin to finally reach it's potential. Trading it all away now would be insane.Chart Requests stream tomorrow on YouTube: https://youtu.be/FjEBF3anlE0I take chart requests from 8 AM to 1 PM EST on Wednesdays. You can send them by responding to this email.In This Issue:Bitcoin Thoughts And AnalysisAltcoin ChartsLegacy MarketsTrading TipsJanet Yellen Is Biden’s PickGrayscale Says Bull Run "Just Getting Started"Companies Catching Up To TechFacebook's Libra Gets A Rebrand To DiemCoinbase Offers Full Support To ETH 2.0Bitcoin’s Rise Comes At A CostThe Wolf Of All Streets Podcast Ft. Zach IscolMy Recommended Platforms And Tools