Bitcoin really is something! U.S. stocks fell so hard, while Bitcoin only dropped 1%? Is it time to short crude oil?
1. Institutions are starting to buy again. BTC's recent performance has been outstanding: while the Nasdaq keeps breaking below previous lows, Bitcoin has held firmly at $80,000, building momentum and showing early signs of a trend reversal. So the question is: when will Bitcoin go up?
2. Honestly, we may have to wait a little longer. The problem right now isn't Bitcoin itself, but the fact that it's being dragged down by U.S. stocks and oil prices. The Nasdaq rose too much before, failed to break out above a double top, and may need to pull back for a while longer.
3. But there's also some good news. Inflation has been surging and oil prices have skyrocketed recently, but Waller's remarks yesterday were still fairly dovish, signaling that there may be no rate hike in October. As the chart shows, the current probability of a rate hike in October is only 16%. So Shuqin believes the Fed meeting toward the end of the month could bring a nice rebound~
4. On top of that, crude oil (CL) has also reached the area around the $100 mark, where resistance is still quite strong. As shown in the chart, Shuqin has directly opened a $100,000 short position. I believe that even if this isn't the top, it's still a very high level. I won't get greedy either—I'll take some profits on the short around $95. At 2x leverage, I won't get liquidated, so I'll patiently wait for it to come down.
5. The sudden market moves lately have really been jaw-dropping: first semiconductors crashed, then the Middle East descended into conflict, and then CPI and PPI came in scorching hot. It's been a rough time for everyone. But Shuqin also wants to say that crises often hide opportunities, and this could be a very good chance to add to your positions. I hope everyone can seize it. Let's encourage each other!
1. Institutions are starting to buy again. BTC's recent performance has been outstanding: while the Nasdaq keeps breaking below previous lows, Bitcoin has held firmly at $80,000, building momentum and showing early signs of a trend reversal. So the question is: when will Bitcoin go up?
2. Honestly, we may have to wait a little longer. The problem right now isn't Bitcoin itself, but the fact that it's being dragged down by U.S. stocks and oil prices. The Nasdaq rose too much before, failed to break out above a double top, and may need to pull back for a while longer.
3. But there's also some good news. Inflation has been surging and oil prices have skyrocketed recently, but Waller's remarks yesterday were still fairly dovish, signaling that there may be no rate hike in October. As the chart shows, the current probability of a rate hike in October is only 16%. So Shuqin believes the Fed meeting toward the end of the month could bring a nice rebound~
4. On top of that, crude oil (CL) has also reached the area around the $100 mark, where resistance is still quite strong. As shown in the chart, Shuqin has directly opened a $100,000 short position. I believe that even if this isn't the top, it's still a very high level. I won't get greedy either—I'll take some profits on the short around $95. At 2x leverage, I won't get liquidated, so I'll patiently wait for it to come down.
5. The sudden market moves lately have really been jaw-dropping: first semiconductors crashed, then the Middle East descended into conflict, and then CPI and PPI came in scorching hot. It's been a rough time for everyone. But Shuqin also wants to say that crises often hide opportunities, and this could be a very good chance to add to your positions. I hope everyone can seize it. Let's encourage each other!