Market comment, 18.04.2021

Recurring market commentary on what’s happening in the crypto markets, summarized by Crypto Finance AG Senior Trader Patrick Heusser.

Market commentary

A few things have already been said/pointed out. I see it as a pretty healthy move in terms of the over leveraged situation the market has been in. The term basis in both BTC and ETH has nicely contracted to more normal (sustainable) levels.

The total liquidations where a staggering $5bio for BTC but what is more interesting the additional $4bio that happened in altcoins ($1bio was on ETH). This is also felt in the perpetual funding rates for most of the coins that turned negative or started to find a new base at around 0% (so very neutral).

We also quickly discussed quickly on the desk what to do with this opportunity. One of our guys who is rather the analytic brain mentioned that most of the time after such a deleverage move it was historically rather a good opportunity to build up long exposure. Timing is difficult as always but I think as well, with several “legs” to build up long exposure is not a bad idea.

Chart wise we broke out of that rising wedge and almost dipped to my first target of $50k. The first initial bounce brought us back to the lower band of the Ichimoku cloud on the 4h chart and from there we saw the second selling wave coming in.

Market comment

Bitcoin Daily Chart

On the daily chart we seem to find some support where the base line (blue line) comes in. We pushed through but with the rebound we traded back above it. If it gives way on a daily closing we most probably are going to revisit the old range of $44-50k.

Market comment

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About the author

Patrick Heusser

Patrick Heusser is Head of Trading at Crypto Broker AG. Prior to joining the company, Patrick worked as an Interest Rate Trader at UBS and held various positions in the IRCC (interest rate, commodity and foreign exchange trading) in London, New York, Singapore and Zurich. Patrick is an expert in trading and risk management. He also gained experience in other areas, such as building start-up companies. Patrick has a degree in banking from a business school. He has also taken various courses in technical chart analysis.