- Starting Balance: $1,400
- Previous Balance: $2,320
- Current Balance: $2,992
Markets breaking out all over! Hope you’re making some nice trades. Bitcoin dominance continues to drop which is strengthening the idea we will see a true Altseason.
Remember you won’t always catch every trade, so don’t rush your entries even when the market is trending. Funding rates will get high as traders late to long pile in, and that’s when you will find dips happen to flush them out. You want to wait for the test of a higher low, even wait for it to happen twice for confirmation before entering your long position.
A couple of updates to our trading marathon portfolio to highlight quickly in this post.
- Cake Pool: $205
- RAY-ETH: $287
We decided to move out of the bDIGG-BTCB pool, it would be nice to farm with exposure to BTC but the DIGG product doesn’t seem viable yet. Currently, it’s stuck in negative rebases, fine if you’re happy to play the patience game. We’re sure Badger DAO will perfect it at some point, but no time to wait!
With PancakeSwap team battles coming up and the team revealing an upcoming Vault release, moving into CAKE makes sense.
Shared this chart for ETH on 31/03 in our discord group, which showed the initial breakout.
Currently not long as funding rates are quite high, expecting a dip to flush longs and reset rates.
We made a trade on DOGE when Elon Musk tweeted, this was just a small position as you can’t really know what will happen on April’s Fool Day. But free money is free money?
Never overextend on these types of trades and don’t make them if you can’t stay in front of your monitor. As momentum grow on these types of trades, you can continue to increase the position size on dips in the lower timeframe. Until the price hit resistance where you should close immediately to avoid getting burnt.
Also entered a position on ADA, as the 1-day chart is currently printing an ascending triangle.
Looks great for another leg up soon enough, will continue to monitor this one closely for a new entry. Last trade we have to report from this session was a small 1INCH breakout.
Entered the position as volume spiked up at 6PM UTC compared to the previous hours. Set quite a tight stop for the night which was triggered. 1INCH has been consolidating for some time, so expect another leg up soon enough. Waiting for another entry.
That’s all for now!