ridethepig | You Know The Drill ... BTFD !
We can expect to see a broad recovery of Crypto this week on the back of co-ordinated CB policy intervention, I still favour trading BTC from the long side around these levels, for a move higher towards $13,500 and $16,000, as the liquidity punch bowl continues to be refilled. Momentum in the macro community is starting to gain speed as confidence in public sector assets deteriorates, this premise will be positive for cryptocurrencies broadly.
In the medium term, potential Crypto hedges from risk will also come into focus as markets provision for losses in global growth and s/t EPS . Miners are in a bit of a tight spot with prices at these levels, there is a lot of liquidity being taken out the system in LTC at the moment which is help:
I have been arguing that positive BTC fundamentals should see the highs inevitable taken, but it became clear last week that positioning was too heavily loaded on one side and induced the BTC sell-off. Happy to stay long and add on dips.
Thanks as usual for keeping the likes, comments, charts and etc coming!