Today, when the market closes, the price of WTI is expected to return to around $96. The entanglement between the United States and Iran is hard to predict how long it will last. Today, Iran itself said that as long as the war and blockade end, oil prices will certainly come down. This was originally Trump's line, but this statement is obviously meant to use the Strait of Hormuz as a means of coercion. Iran has made it quite clear, anyway, if you don't agree to me, I will block the Hormuz Strait, dragging each other along.
Although I am already making money by shorting WTI, the funding rate has already deducted 14% of my principal. It's just that you clearly know there is still a large profit margin in continuing to short, but you need to wait, and the deduction of the funding rate is painful. I estimate that if Binance does not change the weekend funding rate by this weekend, I should exit first and see the situation next Monday.
I think shorting WTI is definitely the right choice. Aside from this, I am also looking at the price difference between WTI and Brent. Normally, the price difference should be around $5. If the price difference expands, I will consider trading Brent. But in any case, there is no problem shorting oil at this price level. High oil prices, let's not mention the United States, but more and more countries are unable to endure it. Blockading ports is also unacceptable for Iran.
The biggest problem now is the tough endurance. Both sides are being stubborn, seeing who will compromise first. However, the domestic economic situation will definitely make both sides take at least half a step back when they are about to move forward.
Looking back at Bitcoin's data, with the continued tug-of-war between the United States and Iran, US stocks have also seen a slight correction. Therefore, the price of $BTC fluctuating downwards is also normal, currently maintaining around $80,000. Just like I have been saying in recent days, there is no difference between the current BTC and three months ago, only the international situation has changed. Although it is quite sad, this is the current reality.
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