Bitcoin bears are back in charge, we now fully expect Crypto to trend towards the downside, especially if the US data coming out this and next week indicates further rate hikes.
Rate hikes impact crypto currencies as they are counted as risky assets... similarly to the NASDAQ, yet crypto never really lived through a strong hiking cycle, hence why we believe the downside could be very extended and Bitcoin could even drop below the 10k mark if not even lower. - Only time will tell, and more importantly we do not focus on predictive trading, rather being reactive, so we are just as ready to buy as we are to sell.
We had long positions right until Friday where our stops were hit, we then waited for valid entries for the sell side and when they came on Saturday we executed the sells and added on to them today, we are building a "big short" position here.
Good luck to everyone!
Rate hikes impact crypto currencies as they are counted as risky assets... similarly to the NASDAQ, yet crypto never really lived through a strong hiking cycle, hence why we believe the downside could be very extended and Bitcoin could even drop below the 10k mark if not even lower. - Only time will tell, and more importantly we do not focus on predictive trading, rather being reactive, so we are just as ready to buy as we are to sell.
We had long positions right until Friday where our stops were hit, we then waited for valid entries for the sell side and when they came on Saturday we executed the sells and added on to them today, we are building a "big short" position here.
Good luck to everyone!