US Bank Holiday May Quieten the Market for a Day
Crypto Cracks but Bounces
Happy Monday everyone and being a US bank holiday we may get some respite from the constant volatility we have been experiencing. The weekend did not allow us any chance to relax with BTC and ETH dropping through 20,000 and 1000 respectively before basing around 17500 and 880 and rallying back a gentle 20 percent!
So where from here? Well we had the move we have been calling for basing exactly where we hoped, but that doesn’t mean its time to strap on the speedos and jump back in the water yet. We are acutely aware of rumours of margin calls being triggered in the Crypto space and we must continue to monitor this situation as further bad news could trigger another wave of liquidation. Risk markets in general remain firmly on the back foot and we remain in bear market territory. We need to see btc back above 23000 and 25,500 before I will start calling a base in place and until that point trading the range remains the tactic.
In FX, the USD staged a comeback on Friday but did not break out of the recent ranges, I expect little fresh direction today. We remain short of euro/chf looking for sub parity and we bought the dip to 18,000 in BTC looking to trade a 17,000-22500 range.
For more information and industry insights, visit www.bcbgroup.com
BCB Payments Limited is regulated by the Financial Conduct Authority, no. 807377, under the Payment Services Regulations 2017 as an Authorised Payment Institution. BCB Prime Services (Switzerland) LLC, a company incorporated under the laws of the Swiss Confederation in the canton of Neuchâtel with business identification number CHE-415.135.958, is an SRO member of VQF, an officially recognized self-regulatory organization (SRO) according to the Swiss Anti-Money Laundering Act.
The information contained in this document should not be relied upon by investors or any other persons to make financial decisions. It is gathered from various sources and should not be construed as guidance. The information contained herein is for informational purposes only and should not be construed as an offer, solicitation of an offer, or an inducement to buy or sell digital assets or any equivalents or any security or investment product of any kind either generally or in any jurisdiction where the offer or sale is not permitted. The views expressed in this document about the markets, market participants and/or digital assets accurately reflect the views of BCB Group. While opinions stated are honestly held, they are not guarantees, should not be relied on and are subject to change. The information or opinions provided should not be taken as specific advice on the merits of any investment decision. This document may contain statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, new legislation and regulatory actions, competitive and general economic factors and conditions and the occurrence of unexpected events. Past performance of the digital asset markets or markets in their derivative instruments is not a viable indication of future performance with actual results possibly differing materially from those stated herein. We will not be responsible for any losses incurred by a client as a result of decisions made based on any information provided.