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The Katana Program has experienced a tough first half of November. The Mean Reversion strategy has made six trades with only two winners. The Trend Following strategy has made two trades with one small win.
In the wake of market reaction to an easing in US inflation pressures, Bitcoin prices corrected by as much as US$3,600 from recent highs.The reaction appears counter-intuitive after rising interest rates have produced headwinds for the Bitcoin price in recent months. What is more likely to be the case is that the rally from US$26,000 to US$38,000 over a very short time period resulted in an overheated bullishness and as such, the potential for profit taking and a consequent price retracement was high.
If we see further weakness in the US Dollar and continued strength in equity indexes into year end we should expect a bid for Bitcoin near current prices.
