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Trading Bitcoin 007
A profitable week while building the business.
Hello satoshi snipers!
It’s been one helluva week with some seriously-profitable days: These two days alone amounted to 15k+ in net profit! I’m a bit ahead of my weekly targets so I’m taking the weekend a bit light — a wonderful feeling, no doubt.
Bitcoin has ranged between $28,000 to $30,600; a fantastic 2,500 points or so to trade up and down. There were clearly some spots to buy some satoshis on a “low” and distribute them on a high, stacking those sats at a 1X preference or spot buy / sell.
But, if you were trading with us you could have multiplied those deltas, naturally. I’ve been stacking quite a few satoshis and I have no intention of stopping at this point! Make money when it goes up and down, friends.
I’ve been slowly putting together the Discord and I’m happy to have refined my approach and how I want to build things going forward: I want to build a strong community of traders where we can share trading alpha with one another so we can all grow, learn, and make even more money / satoshis together. I’m going to be very intentional about the culture and I’ll be curating and pruning things as best as I can.
I was recently banned from another Discord and some of them came around into our squad to see if we were “poaching” members — the insecurity is pretty wild.
But, I learned quite a bit on how not to run an active community and so much of the problem is that it’s not clear, from the beginning, what is acceptable behavior and what is not. In addition, it’s worth making sure that your (product / service) offering is clear from the very beginning and that you’re not under-selling or under-pricing as well.
For instance, I’m spending quite a lot of time creating content on a variety of different channels and since there’s a lot of money (literally) on the line you need to get these things right! The results could change someone’s life! I know this because it’s changed mine (in quite short order, too). Hell, I’ve even brought back the YouTube.
My content strategy is pretty simple and straight-forward, if you’d like to know the overall strategy:
Twitter: I’m using @8bit for marketing the brand and content as well as personal entertainment (e.g. trolling maxis).
YouTube: More marketing for the project, our community, brand, and business.
Substack: Content repository as well as paid membership management.
Discord: Community and 1-on-1 coaching, part of the paid subscription.
Besides my weapons of choice I don’t need much more to get my work done! Currently it’s an entire 1-man show, which is great since I want to stay independent and small and controlled during these early stages of development.
My hope, if I can be more transparent with you all, is take this early-foundation and build a small business this year, maybe even growing a small team where we can continue to provide even more useful tools and services to our community. We’ll see, who knows!
But I’m enjoying the process of building something for myself and I’m proud of where we’ve come thus far. Grateful for the folks who are still here.
Finally, there are some updates to the trading library including this really good free video series on Fibonacci patterns as well as a few more notes below.
Oh: Any iOS game suggestions? I’m looking for a few new ones to try out as I wait for things to print! Have a great weekend folks. Talk soon.
To infinity & bitcoin,
This is a collection of articles and reads that I believe are important to consider when trading bitcoin since the (notional) value is directly impacted by all sorts of market participants, sentiment, and analysis. I hope you find them useful!
I love on-chain but I don’t use it for day trading. Useful for macro, swings, and value trading if that’s your thing. Corey says and does things. Ouch. More ouch. Ouch! Mining “masterclass” much. Upside is historical, all things age. Don’t listen to influencers (including me) for price action or guestimates. Just know math. Pizza. Give them nothing, take from them everything. Coppola is awesome. I don’t use fractals because if trading was that easy then everyone could do it. Very yum to look at and very fun to review but I never use them for real trades. But, you might. Banks don’t have to fail the way you think. No. Crypto and bitcoin. Are you paying attention? Bad christian. Expect anything, especially the unexpected as bitcoin does this all the time. I can’t even. Block’s investor day vids. Metaverse. Not this kind. Lifeform? First. Ocean power! Wasabi vs Samourai. Big money talks. And then, we rise. Game theory on full display. Stripe is coming. So is Gensler, but, not surprised by hikes. Duckduckwhut. Fade the Fed. Tether and USD? USC? Debt and GDP. OnlyNotThoseFans. Bitcoin not education? Math? Crypto winter? It’s go time.
A few notes on the bond market this past week has given us some macro signals — it’s worth taking note of these things because there are trillions of dollars “locked-up” into these instruments and they will be looking for other places to park that value in the coming future (as it continues to break down).
Professional investors think we're headed into one of the most risky environments for corporate credit outside the beginning of the pandemic: The CDX North America High Yield Index, used by institutional investors like hedge funds, has moved down about 10 points since late December. The index represents a basket of default insurance contracts on bonds (known as credit default swaps).
That may sound complicated — but the important thing to know is that a lower price on the index means investor views on the future of high yield bond quality are deteriorating.
The bottom line: As the Federal Reserve begins tightening the money supply, CDX prices are signaling more challenging financial conditions ahead for companies — like higher borrowing costs and a potential rise in defaults.
Stay frosty, friends.
Here are a few videos that you might find usefu and/or entertaining: