Joe McCann is the Founder and Chairman of the Board of NodeSource and former quant trader for Passport Capital. This piece is purely for informational purposes; nothing in this post should be construed as investment advice.
On Sunday, June 30, bitcoin ended the week with its first daily close below the 10-day moving average in 18 sessions. Encountering 17 straight sessions of closing above that moving average (MA) is incredible and speaks to the strength of the rally. Since that moving average trend line is now invalidated, as traders, it would be wise to be defensive on the long side and opportunistic on the short side.