Overnight Thoughts & Entry Points - BTC, ETH, LTC
Overnight
After a day where we saw the Big Three down anywhere from 9-16%, the general attitude is usually aggressive and the bulls generally want to return. I advise caution here rather than aggression. BTC, ETH, and LTC all traded in relatively tight zones. After breaking out from their recent lows, they've all had trouble taking legs up which can mean investors are being cautious after they saw their favored coins value cut in half or we are establishing true levels before making moves up. Asia kept the markets down at around yesterday's lows so today can see a breakout moment or deeper decline.
Bitcoin
To say it bluntly, BTC took a kick in the stomach yesterday. Some called it a bloodbath but that's absurd. The wind was knocked out of the recent rally's sails but, after a $1000 gain, some pullback and consolidation is expected. BTC seems to have been getting stuck at the 2600 levels. That gives you a good $100 spread to play with if you're a day trader. I think for each investor, day or hodl'er, opening up long positions under 2500 would net you greatly over the coming day and weeks. We could see BTC test down toward 2400 support levels so caution is advised.
Ethereum
For those of us that believe ETH is the future, it's value hasn't been following suit in recent weeks. After hitting a low of 130, we saw it SnapBack to the 250s before retracing back to 200. I'm seeing really strong support between 200-190 over the last day so my position still stands that anything under 200 is a good place to open up new longs. I want to point out that after snapping back both BTC and ETH retraced 50%. I think they are both oversold here but still can test downward before another rebound.
Litecoin -
Strength and stability. Those two words have defined the more nimble little brother of BTC. Litecoin traded down toward 40 yesterday before coming back to 42 as of the time of this writing. Not much excitement in this coin, sometimes that's good. I wouldn't call LTC a store of value but, it might be a good place to park cash if you're unsure of your allocation going forward. It's an option, not a great one, but through the ups and downs, we've seen this coin in the tightest range recently so it might not be my favored strategy but it seems viable. Open up longs anything under 40 but don't expect huge gains short-term.
EoY Calls
BTC - 5000
ETH - 500
LTC - 100
I hope you enjoy my morning thoughts and find them useful. These obviously are my own views and opinions and should not be taken as investment advice. Your own analysis and diligence is encouraged.
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