Abstraction Capital’s Market Updates provide insights into the crypto market and strategy performance. Please enjoy Market Update #7.
Overview
As I have discussed on multiple tweet threads, I remain bearish. Losing the yearly VWAP here is extremely concerning. Even if we reclaim, would have to see a 20 week moving average reclaim to buy. Therefore, I believe buying 50k or 65k is the best strategy. I don't think we make it to 40k in one shot, will be a reaction around 50k. Will have to monitor price action and be willing to cut to buy back lower. 40k would be a generational buying opportunity - it is probably best to layer bids starting at 44k, though, because I am not quite sure we will make it that far. Extremely bullish on a 6-12 month time horizon, but don't be a hero and fight these flows in the short run.
Cross-Asset Momentum Strategy
The strategy is currently flat.
1 Week Performance | 0.00% |
Performance since Market Report #1 | -16.8% |