Alpha Mail #63
Lance Breitstein and BTC f*ckery
PARTNER: THE HAVEN
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INTERVIEW: LANCE BREITSTEIN
Lance spent over a decade at Trillium where he was one of the best intraday traders on the street. Lance managed Trillium’s Chicago office, trained dozens of traders, and was the firm’s Top Trader in 2020 and 2021 with back-to-back 8-figure PNL years.
“PvP mindset fosters too much lone wolf mentality. Too many traders trade independently and alone when they would be better and win more if they formed up in pods.”
JIM TALBOT: BTC F*CKERY
While I’m open to f*ckery, some signs regarding BTC’s current position aren't pretty.
First off, we are trading below the majority of price action and volume going back to 21st January.
Secondly, we saw some big negative delta prints on the breakdown around $23,600/$23,800 that acted as resistance on a retest.
If you are bullish biased I would recommend waiting for a reclaim of $22,600 before even thinking about longing.
After that, $23,600 will act as a tough level to break. Clear it, and we can consider new highs for the year. But until any of that happens, BTC looks like crap.
If we fail here, I think the move down could be swift.
The longer we consolidate here below resistance, the less significance I place on $21,500 support. My guess is we would break straight through that, bringing $20,600 and $19,600 into play.
I'm currently short from 24k, and hedged long for now from $22,200. If we lose $22,200, I'll likely cut the hedge. Break above $22,600, I'll likely add to the long.