Odaily News Trader Eugene Ng Ah Sio wrote on his personal channel, "One of the reasons why I now stick to pure technical analysis instead of using fundamental reasons to justify positions is that everything is constantly changing. Today Bitcoin is linked to gold, and tomorrow it becomes a leveraged S&P index."
"Of course you can predict which trend will follow in the future, but I think this game is too difficult to play. I can't invest a lot of money just based on the existing long view. If I put a gun to my head and force me to make a choice, I will not buy gold or short the S&P index, so I choose to stay put and keep the net position hedged. As always, we let the price action guide the direction."