Bitcoin commenced April trading at a price of US$70,850 and after a two-day $6,000 retracement, rallied to the month’s high of $72,750. Range trading ensued after this high. The Katana algo continues to find the going tough in this range trade environment. Short positions were taken early in the month on the initial retracement mentioned above. These were stopped out on the subsequent rally. Long positions around $71,500 were established in the midst of that rally. These longs were stopped out as the rally faltered. More long positions were taken & subsequently stopped out as the market attempted to take prices higher only for price to retrace in more range trading.
The recent geopolitical events over this last weekend saw Bitcoin [crypto being the only markets open at the time] experience a rapid $7,000 retracement. Short positions were established during this downdraft at an average $65,235. Ongoing geopolitical developments & the mixed economic backdrop will determine the efficacy of being short Bitcoin into the upcoming halving. Katana performance for the first half of April was -6.1%.