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Breakout from Previous All-Time High: Caution Over Rapid Ascent

EXCLUSIVE _ Since the last time we wrote, things with Bitcoin have unfolded the way we anticipated. We were expecting Bitcoin to reach an all-time high and then behave within the historical average, pointing towards a 16% correction. It went down to 59.2K then rebounded. It took three oscillations before managing to finally break the previous all-time high for real. I was actually impressed by the strength of Bitcoin around that resistance and by how fast it came back on its feet after each punch in the face it was getting at 69.9k$. Although we remained invested during all this, our plan, as we explained in our more recent blog post, was to buy the dip at around 61k$ and a second time between 58k$-60k$. Price action gave us this opportunity and maybe some of you successfully bought at these levels, but the dip was so quick (lasted a few minutes) that we didn’t have time to catch this one and we apologize. I was actually in front of my computer with a Bitcoin screen open, but by the time it lasted when I saw it, BTC was already back to 63k$. Anyway, I would never had time to buy that dip and send an SMS before BTC would have recover to that level. I also have somewhat of an aversion to “buy limit orders” as anytime I place some, I end up concluding that patience would have given me a better entry price. That being said, the fact that we missed our target made me think about what we could improve to be sure to minimize the chance of being in this situation again. I came up with two points of action.

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