Investment log 6-20-24

 

Yesterday was a significant green day for $ACH. I cashed out the principal on my bottom 3 positions in the green at .023637, totaling $1,100. I retained appx 3,900 ach tokens as profit. It is quite a relief to have the cash back, it was nearly every single dollar I own. 

Currently the price is jumping up and down my entry points like strings on a guitar. ACH is holding above the 200 hour moving average which gives me a bit of confidence I'll make a profit on the remainder of my positions.

Zooming out to the daily chart, we can see there is still upward potential before it meets the 200 day moving average (See RSI). I recognize we are still in a downtrend, coming down from the highs of April, therefore I am planning to sell for a minimal profit. Just basically exit the market with my butt intact.

Zooming out even farther to the weekly chart, you can see the big picture. I need my entry point to be right on that lower purple line. This is a very well established upward triangle formation. Last year we wandered around the lower limit multiple times, so I know there will be more chances to get in around .018-.02.

Bitcoin looks like it's falling out of the trendlines I drew yesterday. It is possible for a retrace back to the 200D MA line. Normally an upward triangle like this one indicates an upward breakout, but downward movement is still possible. We will have to wait and see.

The Blackrock BTC ETF looks to be establishing an upward formation. Comparing the total assets of $IBIT and $BTC's potential for downward movement to the 200D, perhaps Blackrock is thinking just like me. The are not buying $70k BTC, they might be expecting a retrace.