1 Minute Market Rundown – 20th June 2022
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.
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