Time is of essence so if you don’t mind I will dispense with the courtesies and get right to the point. After follow up panic selling early in the morning Bitcoin just dipped below the $8k mark. Which means capitulation has either taken place or we are getting pretty close. We may be a tad to early here but the hourly is offering us a spike low and I just grabbed some BTC/USD with a stop < 7,900.
This is an early lottery ticket in anticipation of a snapback as we yet have insufficient data and a medium term low many not yet in place. So place your bets accordingly which means small position sizing. If you don’t have a crypto account you can play the futures – e.g. CFE’s XBT or CME’s BTC.
ETH/USD got caught up in the shuffle but is snapping back hard right now. Way too late to get involved here at this very moment. Of course the fat lady has not sung just yet, which means we may still see a retest of the lows.
I’m not sure if that’s a bad print in Monero (XMR). If not I hope nobody bought that spike. I haven’t seen any other spikes like this one across my top 10 crypto currency watch list.
The entire crypto space continues to be in covariance. Pair trading crypto is the low hanging fruit here and that will be my next project. How many of you would be interested in receiving pertinent signals?
Campaign Update: USD/JPY is now officially on fire and I’m moving my stop to 1R, you may want to consider doing the same.
I was about to write off the long campaign in the DX futures but the old greenback just snapped higher and may just have a bit more mojo in it. However until 89.4 can be cleared we are still in a bearish formation, let’s not fool ourselves.
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