Overnight Thoughts and Entry Points - BTC, ETH, LTC
Overnight Thoughts
This weekend as a whole saw little of the regular action or volatility that has been regular in the crypto markets. While Bitcoin saw $100 swings, I can't say that is abnormal for the asset. The big three have come into a stability zone and the market is preparing for a bounce up or Bottom falling out.
Bitcoin -
Bitcoin was poised to challenge its all time highs after breaking upward toward 2900 but had trouble sustaining true support and fell back through 2700. It feels like btc has establish a new trading channel between 2600 and 2800 but all of this is said in light of the Aug 1 catalyst point. For most of us, the BIP 91 lock-in means BTC is ready to continue moving up from here. I would caution patience as this asset could try to test that 2500 level one more time before moving toward all time highs. I believe we will get through and sustain 3k by Labor Day (US) as these markets are still trying to establish themselves.
Ethereum
My favorite of the big three because of there. Wing so much room for growth. Doubling in the asset value is certainly not out of the question. We seem to have gain that 220 support level again but have had trouble when pursuing the next leg up toward 240-245. Seems like people are still on the sidelines with Ethereum after the post ICO runup and the depression as those ICO companies cashed out their ether for fiat. I wouldn't be surprised to see ETH continue to trade in a tight channel for a while (220-235) as people become more familiar with the technology and await another catalyst. I continue to believe anything under 220 is a place to open up long positions.
Litecoin
BTC's little brother has been the definition of stability over the last month. While all the other cryptos were seeing wild volatility, litecoin held firm and traded in a much tighter zone. Whitley EoY call for litecoin remains at 100, I'm having trouble finding the reason for the next leg up. I believe anything in the 30s as a huge opportunity to open up long positions and can certainly see LTC challenge the 50s this week.
IMG_3275.JPG
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.
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