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"Worst is yet to come" for bitcoin and crypto, analyzes BitMEX founder Arthur Hayes

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by COINS NEWS 154 Views

In his latest opinion piece, ‘The Q-Trap’ Hayes speaks in detail about the changing global macro-economic trends. He further explains the weakness in the Nasdaq 100 (NDX) index and how Bitcoin and the crypto market have been closely related to it. Sharing the technical chart for Nasdaq 100, Hayes writes:

On 27 December 2022, the Nasdaq 100 closed at a high of 16567.50 and then subsequently hit a local low of 13046.64. Using the tried and tested Fibonacci Retracement, NDX failed to break through the 61.8% retracement on the bounce. A few days later it attempted to break that resistance level again, failed, and has continued lower ever since.

Full blog: https://cryptohayes.medium.com/the-q-trap-f1a38312f00f

submitted by /u/Jopolkxz
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