Risk continued to attract a bid last night in a short squeeze which we expect to see back through the level at 3431 in the S&P500 – this would complete the 1. overbought bull market, 2. a retracement and the start of short positioning and 3. a squeeze of those short positions.
After this is complete we expect the market to have zombification, potentially have a downside bias and selling volatility. There is also significant event risk in markets at the moment.
Digital assets have been strong with risk while BTC showed early promise but has since slowed down.
BTC had recovered well from its sell-off where it almost hit $10,100 but with little follow-through. Some traders are saying that it will never trade lower than $10,000 ever again!
With the USD and S&P500 moving around there might be little movement until that trading is wrapped up.
BTC last traded at $10,762
24 hr high: $ 10,950
24 hr low: $ 10,725
Eth last traded at $356
24 hr high: $ 368
24 hr low: $ 354
Ethereum USD Chart
There are mixed results in digital assets overnight, biased to the upside.
|Asset||Code||Price (USD)||24hr Change (%)||Volume||Market Capitalisation|
|Universal Market Access||$UMA||10.19||2.83499||19,793,116.00||$565,420,951.00|
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