With the current overall market situation, you've got to find the spots to earn money. There are some outliers that will give you the best gains in this kind of market as their direction seems to be more predictable than the rest. With that in mind and given the fact that I knew I was going to be extra busy today with errands, so I set an order last night before I slept. I was pleasantly surprised by the results this morning. If you've been reading my other articles, you'd be able to guess which coin gave me a pleasant surprise! If you thought GMT, you're right! More on this later!
Today's focus was just to do the one trade, but I couldn't help myself when I saw an opportunity as I was writing this article. This led me to trade 2x today. As always, anything I mention here is not financial advice but my thoughts and my plans on the tokens discussed.
BTC Situation
We are looking at the continuation of the current downtrend as a lower high was formed once again. Today's solid upward movement was negated by the last hour's candle so the bias for BTC is to still on the downtrend.
If we check out the Weekly Chart, it's even worse. We're on a clear downtrend with the RSI and MACD saying the downtrend isn't over and we're in for around 2-3 more weeks of this.
SHIBUSDT New Playground?
I was surprised to see the listing of SHIB to robinhood.
As a newbie to the futures space, I had no idea how to move with this knowledge. I was advised to just stay out of it, which I did. Instead. I did a paper trade and entered at 0.0265 SHORT at 10:55pm, my time. Let's see what happened to this by tomorrow!
My Trades Today
GMT
My bias here was it would pump to 2.54 and then crash to around 2.4 area. I set it and then went to sleep. When I woke up, I was surprised it went way beyond the expected value and hit 2.6 plus. Thankfully I was asleep and didn't see it or else I might've worried for nothing. I sold pretty early and instead of earning 180%, my trade just gave me 30%. It's all good as this was an unexpected strong dump that I took advantage of. Gains is gains, especially as I went pretty big on the margin for this trade.
I then reentered Later in the day at 2.21 mark to short thinking it would break down but there was a lot of resistance in the 2.19 area, so my trade just became a quick profit one.
Tomorrow's Watchlist
In my watchlist yesterday, RUNE has already popped but I didn't set an entry for that. LUNA is still not yet ready for me to enter so that's still on the table. GMT is still on the table as there might be a solid pump once again depending on how BTC behaves. Of course we shall see how SHIB behaved!
Credits
- Charts taken from Tradingview.com and Binance
- Pictures made using Canva.com