Overnight Thoughts and Entry Points - BTC, ETH, LTC

Overnight

Usually we see the Asia session pumping up the price of the Big Three; last night, not so much. Bitcoin, Ethereum & Litecoin are all down between 6-10% respectively. Today seems like a good day to move some of your holdings to cash and wait for a good re-entry point. I suspect we should see good amounts of profit taking today and see the opportunity to scalp some money off of your holdings to re-invest. If you decide to sell, pick your re-entry point and stick with it.....worse case scenario is you have cash on the sidelines for a bit. The volatility these markets see ensures that a reasonable re-entry price is bound to be met.

Bitcoin

After spending the day in the 2700's yesterday, at the time of this writing we see our favored asset trading in the 2500's. The asset is still up from its lows of 1750 but is showing some weakness as the day traders take profits off the table and wait out their new entry points. For those of us who are buy and hold types, today presents an opportunity to arbitrage the profit taking and lower our cost basis. I see anything under 2500 as a buying opportunity so I would offload a portion of your holdings and wait for that entry point. If BTC pops, keep the money on the sidelines or, re-invest it in one of the other cryptos.

Ethereum

ETH has been disappointing as of late. It's lagging behind BTC and seems to not be able to break the 235 resistance levels. It's down around $20 at the time of this writing. As we have seen in recent weeks it has room to go down. If it breaks through 205, it has the chance to slide back down to the 150s. I would open up long positions at anything under 200.

Litecoin -

Sell and regroup. I see litecoin getting back into the 30s at which point we can open up some longs. I've been saying all along that below 30 is a buy in this weird period of crypto trading where the assets struggle to breakout.

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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