GameStop reports highest quarterly net income in company history of $389.6 million. Highest first quarter operating income in GameStop’s history of $143.3 million. Net sales grew 14% year-over-year, driven by collectibles. Cash, marketable securities, digital assets and related receivables, and collateral pledged for derivative asset of $9.7 billion.
https://t.co/BAu3T6V9w4
$BTC
Nothing much to update regarding the swing short position.
I'm still holding 50% of the original size, as mentioned previously. I closed 50% at 80K to reduce risk in case my thesis was wrong.
Given the current retrace back into the range, I think there's a good chance we test 70K next month. If price continues to hold below 79K, this is increasingly looking like a failed breakout that has retraced back into the range after deviating above the previous highs.
We can test LTF S/R levels like 75-76K but ideally bulls need to flip the 79K level to be "bullish" again.
Additionally, I expect SP500 to experience a pullback at some point this year, which could add further weakness to BTC. That's another factor I'm monitoring closely.
At 70.8K, I plan to close another 25% of the short position and leave the remaining 25% open until the final take profit target is reached.
The Japanese Yen has just fallen below Turkish Lira in real effective terms and is now the world's weakest currency. If anyone out there is still peddling the myth that debt doesn't matter because you can always cap interest rates, show them this chart...
https://t.co/arqluOwC6i