Hello all, After what can only be described as a parabolic move in the US$, we have seen one by one the world's 'risk' assets slowly work their way back down to earth. Weather it be, gold, oil or now even stocks, the bubble of the US Federal Reserve Board's QE program is deflating. Bitcoin too it would seem has been caught up in this deflationary spiral as it...
The parabolic price spike into the full moon caught me (and I would assume many others) completely off guard. The fact that there was little to no follow through supports the notion of an anomaly and the market is going through the natural process of correcting for that event. Indeed, the 1 hour chart continues to work its way lower after a well defined top/fail...
Every Friday we have weekly options expiry and with it comes some interesting price action. If one looks at option open interest data one can glean an idea of where 'the smart money' wants the market to finish at expiration (11AM pst). Interesting here, we see the institutions have a lot of incentive (in terms of net exposure considering they write most options)...