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This market forecast is for our Actively Managed Certificate: CRIptonite Next Gems.
This product‘s investment universe includes the largest 15 crypto tokens. It’s a swing trade strategy based on Elliot waves principle.
Asset allocation can move into cash when downside risk prevails; only few cryptos are selected depending on their momentum, this is not a fixed set basket nor a tracker.
" June saw a marginal new low in bitcoin for a consecutive 3 months red candle to new lows since March 2020. While last month we were mentioning to be cautiously long, we are now flat and price structure is calling for more downside.
However, in lower time frame we see the possibility for a bounce from current levels in at least a 3 waves structure to the upside and if we follow the clues from ETH possibly a new all-time high. While we cannot take long term positions at current levels, we are resuming our long trades in shorter time frame and we will solely focus on this activity.
As for the levels, our primary view is bearish but we won’t sell current levels (if we could) as the 41,330 high pivot from 15/06/2021 is about to break. That event would trigger a sequence higher with a possible extension in the cycle from the 28,805.00 low to create a bullish structure. If that is the case, we are looking at reaching 46,000ish-51,000ish before the sellers appear again.
Also, relating to our road map following past action price, reversal now would be in line with July 2013 in a continuation higher. Therefore, while we cannot propose a bullish forecast here, we are cautiously eying and considering the reversal as more and more plausible, especially with ETH price action. "
Find here attached, our May's monthly fact sheet.