What a roller coaster of emotion I tell ya hwat
All of my analysis and day-trading strategy for Bitcoin as of late has been coming to fruition. Up $500 on my first trade. Up $150 on the second. Down $30. Currently up +$1100 on my BTC long and +$500 on a Rune long. I'm basically murdering these gambles, which is actually quite rare for anyone who has followed my blog for a couple of years. It can only mean one thing: the hyper-bull market is back in business. This is the only time I have success guessing where price will go.
And what did I guess today?
A short story:
Yeah it's been a day!
Essentially there is ZERO liquidity in the $70k-$75k pocket. Everyone who will sell is doing it now. If we can get any kind of momentum above all time high it's basically a free 20% pump to $80k. This is quite common especially at all time highs. Many users come out of the woodwork to sell at this key psychological barrier. This creates a lot of chop in terms of trying to predict how the Volcano pattern should look... but I'm just going to have to wait until March 15th and see how it all turned out.
The other problem with all this is that Coinbase keeps crashing at ATH, and at this point it's suspect as hell.
Okay so let me get this straight...
Not only is Coinbase crashing during all time high and creating panic dumps, but also we have the CEO celebrating all time highs telling everyone to "trade responsibly" while potentially manipulating the market? That's rich. I've defended Coinbase for as long as I can on this issue. My patience has run thin. I'm over it. For real for real.
This BritishHODL character is potentially a long-con scammer (he has a history of selling investment advice in real-estate) but I do find a lot of his takes to be insightful, especially when they come to traditional finance and the merging of crypto with the legacy system. He's not wrong here. Coinbase does have an incentive to refill over the counter Bitcoin coffers using using this circuit breaker strategy of shutting down operations at all time highs and purposefully panicking the market into dumping their bags so Coinbase can scoop them up on the cheap for the hedge funds.
If this IS NOT happening, then @coinbase is proving to be the most incompetent exchange and I believe BlackRock and others are trying to hold their feet to the fire in the background.
But - as we all know, incentives line up perfectly for Coinbase to go down.
Damned if you do damned if you don't.
This is a great point being made because even in the case of these outages being completely accidental... that's actually even worse optics from a lot of perspectives. Rather than just being unethical and manipulating the market a little bit, they have no idea what they are doing even though they act as the custodian for many hundreds of thousands of BTC.
At the same time we all understand that Coinbase has a long long history of these exact types of outages that extends far beyond institutional adoption... so we really are owed an explanation for why it's happening. And what do we get? the CEO tells us to "trade responsibly" during the middle of an outage. Dipshit.
My trading strategy
Well I really thought BTC was gonna moon today but it looks like Coinbase ruined it. I've been wanting to close my x20 long position for days now and I've kept it open all this time because I told myself we'd be pumping at the end of the business week. So basically no matter where the price is at 4 PM I'm going to close this long and call it good.
If we moon on the weekend when money printer is turned off so be it. No matter how where price goes it will have felt good to come up with a plan and actually followed through on it. Executing a trading plan is so much harder than actually doing it. I can't tell you how many times my finger was hovering over the "flash sell" button when the price was crashing today (especially at the pico bottom). So stressful. Psychic market vampire never takes a break.
Web3 spaces
While all this was going on I was also listening to episode 69 of Web3 Global spaces on Twitter. What a coincidence that we were battling $69k resistance at the exact same time. Many high profile dapps were represented in this one including LEO, Splinterlands, Actifit, 3Speak, Ecency, Rising Star, etc etc.
And guess what?
Even though all this craziness with the price was happening in real time during this discussion the dialog did not devolve into speculation like it normally would elsewhere. Now more than ever we have to keep our heads down and keep building no matter what the spot price might be at the time. There's a LOT of development happening on Hive and we offer some pretty unique core features when it comes to 'free' bandwidth and account recovery, which were both discussed during the event.
Conclusion
Stick to the plan! As BTC continues to chip away at $69k resistance I prepare myself to deleverage this long and take some nice gains. Of course I feel like the price could spike 20% at any moment, but it's more important to be disciplined at a time like this rather than emotionally revenge trade these cutthroat markets.
Coinbase can only hold back all time highs for so long before complete supply shock settles in. ETF inflows continue to report staggering record-breaking numbers, especially when Coinbase goes offline. Prepare yourselves and stop selling to Blackrock. It's embarrassing. The doubling curve towers above at $120k. $69k is a discount, and the hedge funds seem to be the only ones that understand this simple fact. This bull has horns.
Return from Another All-Time-High; Another Coinbase Crash to edicted's Web3 Blog
