The March monthly expiration series goes off the board on Friday, so our March 15th $23C has to be replaced (if not stopped) by Thursday or Friday. Best bet for a shorter-term replacement is the April series, expiring on April 19th. First, our current positions as they are priced mid-day Tuesday: If Bitcoin drops this week the 50% trailing stop could kick in and exiting March calls will result in a gain of about 375%. If so, hold off any new purchases, that would be a red flag that a deeper correction, or worse, was unfolding. Absent that kind of decline, exit the March 15th calls before expiration on Friday and replace some, or all, of those calls with these highlighted April 19th near-the-money strikes: If holding both Jun and March calls, consider banking most of the March call proceeds and riding the Jun calls the rest of the way. I'll leave that to your own personal risk:reward tolerances, but what was once a modest bet on Bitcoin calls has grown to moderate to large bet (about 8X for March, about 5X in the Jun series), mostly all profits. Bitcoin Charts These EW charts allow for Bitcoin to reach much higher levels before a completed 5-wave sequence is due for a serious correction. A Bitcoin target of $100K+ would place BITO close to $50. SPY Alert A hard close below the uptrend line coming up from the Nov 2023 lows will be the first indication that something more serious is happening on the downside. A subsequent close below 505.00 will likely trigger our next foray into SPY puts. If the trend channel gets broken in the next few days, look for an action alert for SPY puts to be posted on any close below 505.00 and especially below 500.00. Bearish Early Adopters 10-Year Gov't Yield - Headed Higher
