Attention, This Bitcoin Tactic Doesn’t Work Anymore!

according to Bloomberg bitcoin The “buy at close, sell at open” tactic that was once favored by traders may no longer be working. Here are the details of the published report.

Although the tactic of “buy at close, sell at open”, also known as the tactic applied by traders who claim to have made big profits during the pandemic period, may not be very valid anymore.

With this tactic, traders who bought Bitcoin at the closing hour of the stock market and made sales at the opening of the stock market were aiming to earn an average of 270%, according to their claims. Of course, the factor underlying this claim of earnings is “with the US stock market. cryptocurrencycan be explained by the relationship between Given that Bitcoin is valued as a highly risky investment asset, it’s no surprise that it has established a relationship with the stock market.

Both entities tend to react similarly to changes in the macro environment. One of the last examples was seen in Bitcoin and stocks sold after the last consumer price index (CPI) update. Both assets were able to maintain bullish signals, reacting unexpectedly by moving up.

Jake Gordon of Bespoke Investment Group realized that this tested strategy was no longer working. Over the past month, those who bought and closed the US stock market had actually still managed to make higher profits. So why did Gordon share this comment?

bitcoin

Gordon used a variety of techniques to pinpoint the exact cause of the new trend’s emergence, but he believes it may be linked to the more intense news cycle in the after-hours market lately.

As we reported on Koinfinans.com, over the past few weeks, the cryptocurrency markets have continued to be rocked by a string of bad news about the collapse of leading companies like Celsius and Three Arrows Capital.

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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