Yesterday we experienced a strong move up in the Ethereum and Bitcoin markets off of the Sunday lows. Obviously we all can see how volatile the crypto markets can and will be moving forward but, this means the market is ripe for making good money if you stay prudent, only trade what you can afford to lose and study what it is you're buying and selling. I suspect today will be less volatile in the big 3 markets but as evidenced yesterday by the ETH market, there remains potential for wild rises up or wild rides down:
Ethereum -
ETH pierced the 200 level early in the morning and continued to climb throughout the day topping out around 250 before meeting heavy resistance and falling back down through 211. ETH has settled above a prior major support level of 220 and seems to be holding above at around the 230 level. As the money taken out on the way down returns to the market, suspect a longer term uptrend. Today we can and likely will see a minor pullback through 220 to test the 200 support level to be sure this rebound is real. I see any pullback below 220 as a buying opportunity for short term traders looking to clip off a few bucks here and there. My call for the end of the week was 220 if 200 was pierced. Based on yesterday's trading, I adjust my end of week call to 245 and remain at my 500 level for End of Year. Remember for those of us who buy and hold, there is plenty of room on the way up to get ETH "cheap" so take the dips as opportunities to open up new long positions.
Today's Bottom Line - if the hedge funds come in, this market could get up through 250 and test 260 but I think the most likely scenario is we consolidate between 215-235 today. I remain bullish on ETH long term and thing any dip under 220 screams a buy.
Bitcoin -
Similar to ETH, Bitcoin decided to join the upward momentum off Sunday's lows and broke the 2300 prior support level and remained there as Asia traded overnight. I think The news about SegWit acceptance from the miners and no break in Bitcoin gave the community comfort and allowed BTC to regain some steam. I continue to see BTC trading in the 2300-2500 range for EoW and remain confident in the 5000 call for 2018. Take any dip below 2200 as a buying opportunity. If good news breaks today about SegWit implementation, we will see BTC pierce the 2500 level and could break toward 2750.
Today's Bottom Line - if we get continued good news about SegWit implementation, we see a continuation of the recent uptrend toward 2500. If BTC breaks trough 2500 we see a move toward 2750 being realistic but not a sure thing.
Litecoin
Bitcoin's little brother had been "quiet" for the most part during the rally off of the weekend's lows. While it has gained off its 34 dollar low, by % measurement it can be considered a minor participant. The stability in the LTC market has been interesting and will be monitored for a "safe haven" in times of heavy turbulence. I feel LTC is the most interesting player today for the buy and holders in the market. LTC has not received the attention that the other two in the big 3 have and as such, could dip some as people move out of their LTC holdings and into ETH and BTC. I would not be surprised to see LTC fall below 40 for a period of time which is when the long onlys should come in and buy.
Today's Bottom Line- Litecoin will trade between 35-45 over the next day. Any dip below 40 is calling for a buy. This has been the most stable of the big 3 recently so the price action relative to the other two will not or should not be as exciting.
Please comment, upvote, and follow if you think you'd benefit :-)
My fav projects to date (only listed if i understand the project not the hype)
ETH
BTC
LTC
XRP
SIA
To Donate :)
BTC Wallet - 1KmQv2oDbnGMwZG1Wcxy9P216Te8jLm6QW
ETH Wallet - 0xDd464328A8dB6424C3C09E21c767c086245F0145