ridethepig | BTC Market Commentary 2020.02.11

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
On the Crypto side, the market couldn’t make up its mind whether to break $10,000 or take some profits. After a little bit of both types or price action so far this week. Cryptos were generally positive and the dollar offer seems to have returned. Mildly positive headlines on the nCoV front regarding antidotes, combined with reports of some returning to work is also giving a breather to Crypto markets. It’s really tough to find any meaningful reason to take chips off the table so I continue to keep heavy BTC longs. I’m waiting in the shadows to add to LTCUSD longs . The cross traded 75 yesterday as algos persistently took profits. I really think any move lower is unjustified and the strong liquidity injection will see LTCUSD a lot higher once we clear the coronavirus flows.

A better start in BTCUSD after a dip to 9750 but it wasn’t long before the bid returned. With Equities once again on the strong side, BTCUSD has been able to spend most of the morning ticking higher. Chinese accounts seemed to add more longs to the move and we reached 9850. There has been impressive demand for Bitcoin appearing at the levels where it opened the week… 9750. The price action is clearly not bearish but I genuinely think this will rocket when the Fed / Whitehouse funding mystery flow is complete.

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