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  • Writer's pictureDaniel Shapiro

Market Report #7

Updated: Jul 11

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%

 

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