Surfin’ the Drawdown-BTC Trading Bot Update March 6th-2024

And still…. I wait.

C.W.Morton

Mar 06, 2024

And still…. I wait.

FlixClip Generated Image. Prompt : Surfin’ the Drawdown

Though BTC has mostly recovered from what appears to be one of the original mining whales selling off, my bot is still not back in the green.

I will give it another day before I stop/start my bot. Hopefully I will be back in action without any manual input before the end of today.

Here is what someone discovered on the blockchain and reported to Bitcoin News :

Well done early miner, well done!

If we do not move back to $67500 where my bot is stuck waiting to sell, I will stop the bot and restart in the current range with a slightly wider spread, just in case.

Better to be back in action than benched for more than a day or two.

Whale Futures for signals

When I am zoomed into moving averages and price action, I can miss the activity of those anticipating a movement.

When a large chunk of whale-ish wallets cast their money into long positions, it’s a safe bet they are planning on upward movement.

Doesn’t always mean they are correct, but it is important to consider — whale wallets cause ripples when they move their bounty, so whatever market prophecy they “predict” has a strange tendency to self-fulfill.

Ok…. maybe it’s not so strange; it kind of makes perfect sense when I think about it.

When a large group of fat wallets buy in for the sake of holding, that also supports and/or moves the prices.

This prediction is not out of line with what many people are expecting.

The halving plays into this too, even though many factors are driving the current rise.

Halving will ensure that by April, the BTC being minted daily will be cut in half.

It has been a fine jagged staircase up so far.

BTC Halving Countdown
Are you ready?medium.com

I don’t claim to be a chart reader yet, but it looks a little like we were in the “Fibbonaci levels” yesterday, and currently testing support level.