Welcome back everyone to this week’s edition of my Bitcoin - Forex Combo Strategy, I moved the updates from Wednesday to Friday. Bitcoin continues to struggle followings its breakdown after the hashrate flash crash which I talked about during last week’s update “Bitcoin - Forex Combo Strategy: Bitcoin Hash Rate Crash”. I don’t think we are out of the woods yet as the breakdown below the $8,870 - $9,927 support area has brought us closer to my long-term support level between $6,380 - $6,550. I will be a bit more patient before adding to my Bitcoin position.
Tim Cook made it clear that Apple has no plans to follow in the footsteps of Facebook and create its own cryptocurrency. Apple has made inroads into the financial market after partnering with Goldman Sash and MasterCard in order to offer Apple Card to its consumers. It offers daily cash rewards to Apple Card as well as Apple Pay users and is in direct competition with companies such as PayPal or Venmo and many other smaller competitors who are gaining market share.
It appears that Tim Cook may not be the best person in charge of Apple which clearly lacks innovation and vision since he has been CEO. The latest “major breakthrough’s included different color iPhones which is not exactly promising. iPhone sales peaked in 2015 and the entire smartphone sector experience its first annualized contraction since iPhone 1 was released. Competition has caught up with Apple which may deploy a somewhat ignorant culture at the top by thinking that nobody does what Apple does better then they do. Did Apple fall asleep at the wheel after Jobs passed away? Some investors call for his replacement.
While Apple will stay away from creating its own cryptocurrency, it has intentions to venture into the use of blockchain technology. In a February 2019 SEC filing, Apple displayed interest to explore this technology in the souring of minerals for its products. Apple further suggested that it would participate in setting up guidelines for the use of blockchain, but this may be well out of their area of expertise as judged by the previously mention lack of innovation.
I am monitoring price action in Bitcoin as I want to add to my holdings, but the price is not right yet for me as I see more downside potential. I currently hodl 500 Bitcoins which carry an average entry price of $8,500. I also have 60,000,000 Ripple which carry an average entry price of $0.3015 and 40,000 Litecoin with an average entry price of $66.00. The three charts below show my Bitcoin, Ripple and Litecoin holdings.
On September 26th 2019 I bought 200 lots in the USDSGD at 1.3775 according to this trading recommendation “USDSGD Fundamental Analysis – September 26th 2019”. The margin requirement was $40,000 with a pip value of $1,450.83. On October 2nd 2019 I closed this position at 1.3850 for a profit of 75 pips or $108,812. On September 27th 2019 I bought 200 lots in the GBPUSD at 1.2300 according to this trading recommendation “GBPUSD Fundamental Analysis – September 27th 2019”. The margin requirement was $49,195 with a pip value of $2,000.00. On October 3rd 2019 I closed this position at 1.2400 for a profit of 100 pips or $200,000. On September 30th 2019 I bought 200 lots in the EURAUD at 1.6150 according to this trading recommendation “EURAUD Fundamental Analysis – September 30th 2019”. The margin requirement was $43,846 with a pip value of $1,351.84. On October 2nd 2019 I closed this position at 1.6350 for a profit of 200 pips or $270,368. The three charts below show my completed trades.
On October 1st 2019 I bought 200 lots in the EURUSD at 1.0885 according to this trading recommendation “EURUSD Fundamental Analysis – October 1st 2019”. The margin requirement was $43,846 with a pip value of $2,000.00. On October 4th 2019 I closed this position at 1.0975 for a profit of 90 pips or $180,000. On October 2nd 2019 I sold 200 lots in the CHFJPY at 108.550 according to this trading recommendation “CHFJPY Fundamental Analysis – October 2nd 2019”. The margin requirement was $40,207 with a pip value of $1,869.28. On October 4th 2019 I closed this position at 107.000 for a profit of 155 pips or $289,738. The two charts below show my completed trades.
Here is the summary of my Bitcoin - Forex Combo portfolio: I hodl 500 Bitcoins worth $4,050,800, 60,000,000 Ripple worth $14,754,000 and 40,000 Litecoin worth $2,262,400 plus a total cash portfolio worth $7,269,178. I currently have no open forex positions in my portfolio. My total Bitcoin - Forex Combo portfolio is worth $28,336,378, up $1,977,968 from last week’s value of $26,358,410 and below the all-time high of $29,194,444. Are you ready to grow your account? Take your first step now, open your own PaxForex Trading Account today and follow my Bitcoin - Forex Combo Strategy! Comment below with any questions you may have and I will be happy to help you get started!
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