Catching the wick is impressive. Keeping the entire short open after a 100%+ return on margin is the more interesting part. That’s conviction, or a very specific read on what comes next.
This wallet almost perfectly caught the local top on $ETH
opened a 25x short on 3,000 ETH at $2,542.70, right at the wick.
with ETH at $2,439 now:
position: $7.3M
unrealized pnl: +$311K
return on margin: +106%
and it still hasn’t reduced the position.. the full 3,000 ETH short remains open.
wallet worth watching:
0x341892ca9af16ff90c91bb4a119655dfffb0e5d3
Strong moves rarely happen in a straight line. With volatility back at these levels, I’d rather let Bitcoin come into support than chase strength near $80K. The $71K–$74K area could get interesting quickly.
#Bitcoin looks great, but I'm looking at lower levels for potential entries.
Usually, when volatility picks up and it's as high as it is, the corrections will be relatively violent.
I'm looking at <$74,200 for a potential scalp trade back towards the highs.
Other than that, <$71,100 seems like an ideal spot.
I don't think we'll blast through $80,000 in a single-go as there's the higher timeframe resistance at $83,000 and the 50-Week MA is at $81,500.
However, trading will be monumental coming period with this volatility.