Welcome back everyone! Before we dive into today’s exciting edition of my Bitcoin - Forex Combo Strategy, let’s give it up to support levels in Bitcoin which repelled the bearish attack on price action. There is still a chance for another push to the downside, but as I outlined in last week’s update “Bitcoin - Forex Combo Strategy: Neo Upgrade”, I don’t see any sustained move below $6,380. At current prices, I am not adding to my existing Bitcoin position. In the event that a second bearish wave will pressure price action below $6,500, I am most likely taking advantage of this as I would happily add 400 Bitcoins to my existing portfolio.
Speaking of exiting portfolio, here is an overview of what happened with the cryptocurrency part of my dual trading strategy. I hodl 100 Bitcoins which I bought on January 14th 2019 at $3,500 and currently have a price target of $10,500 at which point I am likely to exit my holdings. This is not a price target as Bitcoin may rally further, but it is the target where I am happy to book floating profits. Ethereum appears to be stuck in an emerging trading range after I sold 10,000 Ether on May 15th 2019 at $220. Price action flirted with profitability, but has since then advanced. Patience my fellow traders! I am looking to short another 15,000 Ether if price action moves towards $330. I am very bullish on Ripple and don’t think twice about my 5,000,000 Ripple long position which I took on May 23rd 2019 at $0.3700. The three images below show what happened to my three holdings.
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