Daily market commentary from 28.10.2020

By Patrick Heusser on 28. October 2020 Updated 29. October 2020 Market Review

An overview of what is happening in the crypto markets, summarised daily by Crypto Finance AG Senior Trader Patrick Heusser in the market commentary.

Market commentary

Good Morning!

I've been feeling rather uneasy over the last 24 hours both about positioning and the overall market in general.

BTC/USD (daily)

I have the sneaking suspicion that the market may go from being comfortably bullish ("nothing can happen to me and bitcoin will only go up") to us seeing some volatility spikes that will catch many traders off guard.

Potential consequences

The consequence will be even greater volatility, and maybe even result in a blow-off top at around 15k. Therefore, I am trying to sail into this potential storm with light exposure.

I see this possible scenario connected to global financial markets and the upcoming election. Hence, you should not only keep crypto risk on your radar.

Keep it lean and good luck!

About the author

Patrick Heusser

Patrick Heusser is Head of Trading at Crypto Broker AG. Prior to joining the company, Patrick worked as an Interest Rate Trader at UBS and held various positions in the IRCC (interest rate, commodity and foreign exchange trading) in London, New York, Singapore and Zurich. Patrick is an expert in trading and risk management. He also gained experience in other areas, such as building start-up companies. Patrick has a degree in banking from a business school. He has also taken various courses in technical chart analysis.