Cryptocurrency Analysis

[IFX_Selena]

BTC analysis for May 21,.2020 - The drop on BTC started and conifmed our downside view. Downward target is set at the price of $8.150

News:


A rally in April 2020 lifted crypto hedge fund YTD profits to 13.4 percent, while a wider hedge fund industry suffered losses.

Meanwhile, the Embark Group's Peter Toogood warned that many fund managers are not bullish on the U.S. stocks.

Some of the world's leading hedge funds are losing the profit-making race to smaller rivals with high exposure in the Bitcoin market.

Hedge fund research group HFR found that bitcoin-focused investment partnerships earned 13.4 percent yields this year, which came to be better than the average 6.7 percent YTD loss across the non-crypto hedge fund industry. The crypto industry flourished despite losing 26.62 of its capitalization on average in March 2020.

Pantera Capital, for instance, bore a 33.6 percent loss via its Digital Assets Fund in March. But its recovery in April took its YTD profits to 32.5 percent.


Technical analysis:
BTC has been trading downwards. As I expected, the BTC broke the upward channel and test the level of $9,200. I still see BTC downside and the next downward target is set at the price of $8,150.





Performed by Petar Jacimovic
Analytical expert
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