We think cryptorally's will be short-lived and stay defensive.
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Nervous about #FOMC meeting - have a look at what the biggest players in the industry are up to - 400 tons of gold were scooped up by central banks in the third quarter, more than quadruple the amount a year earlier. That takes the total so far this year to the highest since 1967, when the dollar was still backed by the metal.
** image courtesy of the world gold council.
We took some profits in $INJ (a speculative bet, that gave us a 6% upside, easy trade) and some very small losses in our other alts, because we want to go very defensive in the FED meeting tomorrow.
Today two investors left our Strategy. It's been a while since that happened, but it is very understandable now the markets seem to turn bullish and we are mainly in $USDT.
But we won't go all in on this bounce, unless clear technical signs confirm we are in a new bullish reversal for the long term. Yesterday Google (Alphabet) missed earnings estimates and was sold off after close. Microsoft sold off after earnings too. There is no good news and the bullish narrative is entirely based on the hopes of a FED pivot, but the FED will continue to hike for the forseeable future. Probably by 0.75 basispoints in november and december.
Facebook (META) reports earnings today and we don't expect them to be impressive. If those big stocks report disappointing earnings, they will drag down the markets with them. We could take the elevator down and we think it's wise to sell into this bear rally.
There is not a single reason to be optimistic about risk-on assets at this moment. But we keep watching the charts and will adapt our Strategy when necessary.
Decided to rebalance entire portfolio and go full "HEDGE MODE". Why? 👇
a) Chinese and Hong Kong stocks had a massacre yesterday, reaching multi year lows. Asian stocks plumeted from -10% to -30% in single day
b) Winter is comming with delay to Europe and energy crisis hasn't even started escalating
c) China - Taiwan tensions are escalating and USA wants Taiwan to start producing USA weapons there so they can defend themselves... seems like Russia - Ukraine scenario
d) Crypto had a short squeeze today and we've seen more than 500M$ of liquidations in just $BTC
e) Q3 earnings reports are comming in for USA corporations and already few of them are showing signs of revenue slowdown, announcement of employee layoffs
f) Continuation of interest rate hikes from CB. Destruction of liquidity and creation of new debt crisis
While I remain super bullish mid and long term for crypto, there are some scary macro things going on in the short term. This is also the reason we've built out a position in $PAXG, which is a fully audited gold asset backed coin. Beeing exposed to our strategy exposes you also to GOLD.
It's super hard to navigate these volatile times.
Technical analysis is giving us "buy signals", but macro analysis is giving us deep fears.
Due to uncertainity we've decided to protect the portfolio.
We'll continue to monitor market behaviour and act accordingly ✅