TLDR
Bitcoin flushed hard to 60k afterhours yesterday, then snapped back on huge volume.
Crypto and related names gapped up premarket and were strong right out of the gate.
I leaned into strength with IBIT, SBIT, HOOD, and IREN and scaled out into the trends.
Clean executions, solid patience, and no need to force anything late.
Trades I Took
Bitcoin sold off even further afterhours yesterday and put in what looked like a classic exhaustion flush around 60k. Massive volume, sharp rejection, and a quick bounce. Unfortunately, I wasn’t trading during that window, and by the time I woke up it looked like the first leg of the bounce was in.
My ideal scenario was a dip at the open to put in a higher low so I could size in comfortably, but that never came. Instead, everything just ripped. I adjusted the plan based on what I was seeing. I went long IBIT for direct exposure and paired it with a short in SBIT, the 2x inverse ETF, to take advantage of both direction and decay. We got a steady trend higher, and I slowly scaled out throughout the day.
HOOD was also gapping up with crypto. I got long on a small dip early, but with this ticker I was hoping for a deeper pullback based on it’s action yesterday. Still, the trend was clean, so I worked with what the market gave me. Same playbook here and great momentum to take advantage of.
IREN announced earnings afterhours yesterday and had a massive washout. Another one I wish I was around for. It was bouncing in premarket but I needed to see the action after the open. This one set up really well. The intraday lined up with the $40 pivot on the daily. I bought the breakout and it did exactly what you want to see. Strong continuation and follow-through. I sold in partials as it moved higher and let the trend pay me. Easily one of the cleanest trades of the day.
I was able to cover some of my HYMC swing in afterhours yesterday around 29 after that sharp move. Given how aggressive that afterhours push was, I didn’t expect a whole lot more. When it held today, I covered the rest.
Swings
Current holdings: GEVX
Takeaways
The big lesson today was flexibility. I wanted a dip that never came, but the market was strong and told me so early. I made that mistake the other week and learned from it, and implemented those lessons today. Scaling out worked well in a strong, one-directional tape. Will continue to look to buy dips in these names I think it turns into a multi day move but I didn’t want the exposure over the weekend.
Nice job man, hopefully more continuation Monday!