1 Minute Market Rundown – 13th June 2022
ETH Break Key Support
BTC Under Pressure
There are days when I write this piece and hope I am wrong. Friday was one of those where sadly I was right and the world turned ugly. With risk already on the back foot Friday saw a huge CPI upside print and the rest is history. Global stocks took a hammering, the USD flew and crypto collapsed. ETH broke the key support at 1700 and has traded down to 1300 over the weekend. 30% down month to date at its only the 13th! BTC has dipped below 25,000 again and has its eyes on 20,000. We sold the break of 1700 in ETH but bought back way too quickly at 1500.
So where from here?
We are at the sort of levels in Crypto and stocks where 2 worlds will collide. Sentiment is negative and the short sellers have the upper hand. However, they are running into levels where medium term investors will and SHOULD see value. ETH is a screaming medium term buy between 1000 and 1250. BTC may dip towards 20,000 and even nudge below, but that is the medium term buy zone. Us stocks will finish the year higher than this. I look to scale into Nasdaq and S/P longs over the next 3-4 percent for a medium term move higher.
On the day I find myself back in trade the extremes mode. The USD will find demand on dips and rallies in Crypto and stocks will be sold as the market digests the recent moves. Attention turns firmly to the FOMC on Wednesday, let’s hope that Powell can show the ECB how a press conference should be handled.
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