The Katana Program was down -5.31% for April. Bitcoin ended April near the lows of the month at US$59,850; a drop of 15% over the month. Unfortunately this drop was not one straight line. The bulls aggressively bought a succession of new monthly lows only for the consequent rallies to die on the vine. The Katana algo established shorts at each new low mainly on the shortest time frame we trade. [240 minute] These short positions were stopped out on the aforementioned subsequent rallies. Typical of this setup; on the last day of the month a short position was established at $62,250 only to be stopped out on anticipatory buying ahead of the H.K. ETF launch. BTC rallied to $64,700 and then promptly collapsed to the lows of month end. Should we see multiple daily price closes below $59,600 , this correction could extend to the $52-$56,000.
