Mr.Million | Long-term View on BTC, Trading Recap, KRW & SamsungI am Mr.Million🤵♂️⚡, and Welcome to my insights guys.
I'm the most winning trader in trading competitions worldwide (5 wins) and hold the record for the highest ROI at 12,300% . I've made more than enough money, so now I'm here to share my analysis with you.
⚡My Long-term View on BTC
Technically, we are near the end of Wave 1 (in white) of Intermediate Wave (3) (in blue), barring an ending diagonal that could extend Wave 1 slightly further.
Personally, I have liquidated 75-80% of all my long-term positions (including altcoins) and am holding a significant portion of my assets in cash, anticipating a possible correction down to $60-70k.
In the meantime, I may take short positions - very cautiously, though - when the wave count gives a clear signal.
⚡Why I Remain Bullish on BTC
In my earlier post, I outlined four (4) reasons why I am still bullish on BTC, even at $100k. One main reason is the continuous buying at the institutional level and the FOMO among various governments to acquire BTC as a reserve asset. With these favorable tailwinds, the current chart behavior for BTC, which may appear weak, is likely a healthy, short-term correction. I believe a potential dip down to $60-70k could be a once-in-a-lifetime buying opportunity, and if it does happen, I’ll be backing up the truck (and the first in line to buy heavily)!
$60 - 70k = Very Strong Buy 🚛🚛🚛
⚡Trading Recap since Dec. 13, 2024
Total P&L since Dec. 13, 2024: + $263,091
For the proof of my P&L, feel free to check out my YouTube live stream from Jan. 3, 2024. (P&L verification begins at the 19:08 mark and my YouTube channel link is in my profile.)
Below is a summary of the trades I took between Dec. 18, 2024 and Jan. 2, 2025.
A short position (Dec. 18, 2024):
Reason for trading: Bearish RSI divergence on both the 4-hour and 15-minute chart.
Took half profits at ~103k and liquidated the entire position ~99k near the trend line (drawn in white) anticipating a potential ending diagonal play (which did not materialize, as the price continued to fall).
A short position (Dec. 26, 2024):
Reasons for trading:
1) ABC correction (in red) with C as an impulse (1-2-3-4-5 wave in white)
2) RSI divergence on the 30-min chart
Took half profits at ~$95.7k and exited fully ~$93.6k (as I did not expect it to reach the low of Wave (B)).
A long position (Dec 30, 2024):
Reasons for trading:
1) Failed breakout below the red horizontal line (previous support level)
2) Bullish RSI divergence on the 30-minute timeframe.
Initiated the long at ~$93k but exited almost instantly ~$92.5k - just below the low of the entry bar - with a small loss, as the price broke below the support line again (the red line) and continued to fall.
Re-entered another long ~$93.2k as the price action showed signs of strength, along with a bullish divergence on the 4-hour chart (not shown here). Took partial profits at ~$94.4k and liquidated the entire position ~$95.2k, falling short of my profit target to attend to other business.
⚡The Korean Won and Samsung Interplay
The South Korean Won is nearing 1,500 against the USD, approaching the levels last seen during the 2008 financial crisis! I do not believe Korea’s current economic and political conditions are as dire as they were in 2008, suggesting that the Korean Won (against the USD) may be due for a correction - barring any catastrophic black swan events. Over time, I expect it to revert to the mean and move toward the trendline (drawn in white) around 1,200. See also the chart above for the RSI divergence on the weekly timeframe.
When/if signs of recovery in the Korean Won begin to show , I anticipate that foreign investors will step in to capitalize on a twofold opportunity - leveraging the recovering Korean Won and the rising Korean stock market valuations. What could be their strategy? Going long on liquid, large-cap Korean stocks - most notably, Samsung. So, keep an eye on the 1,500 level in the Korean Won for a potential reversal. If this happens, consider adopting a contrarian approach and going long Samsung at around 45,000 Korean Won as a long-term investment opportunity (see chart below).
⚡OKX Competition for December 2024 results
Guys, as an official ambassador for OKX, I host trading competitions every month.
The OKX competition for December 2024 has concluded. Out of 1,457 participants, 616 ended up green for the month - that’s 42.3% of you making money trading futures, such a remarkable feat by any statistical measure! 🎉
If you're interested, check out my YouTube channel for competition details and join in to make some serious money! 💸🎯
Trade smart, aim high, and remember: risk management is your greatest ally.
Stay tuned and follow me for more game-changing insights.
Yours truly,
Mr.Million🤵♂️⚡
