Overnight Thoughts and Entry Points - BTC, ETH, LTC

Overnight -

It was an interesting day if trading in the Big 3 Crypto Markets. After spending the beginning of the week recovering from Sunday's lows, the Big 3 were compressed downward by bears/profit takers who sought to protect their gains in the BTC and ETH recoveries. LTC remained relatively stable but still tested the 40 dollar levels through the day. Overnight, traders sought to restablish floors in the Big 3 which was a successful effort. Seeing prices stabilize overnight with bullish sentiments was highly enjoyed and hopefully we begin to gain a leg upward toward new highs. Stay calm though, the new highs should not be had before Labor Day as it took ~ a month to retrace to Sunday's lows.

BItcoin

I have been saying all week that BTC would trade in the 2300-2500 range as it consolidates waiting for more good news about SegWit implementation. I reaffirm my statements that this hysteria around increasing the block size was akin to Y2K and on the huge depression in price, long positions should be established. We saw BTC test the 2200 range yesterday and I hope you opened up some Long positions because that was a keen buying opportunity. I have seen the price pop over 2400 this morning and feel that the bulls are going to test the 2550 levels throughout the day and hope to see a new floor established at 2500. If we pierce 2550 I see the next level to be tested at 2750. Take any opportunity under 2300 as a place to establish new long positions.

Ethereum

The ETH market was really exciting for day traders yesterday and quite confusing for the long only types. ETH started out overnight trying to establish a floor in the 230 range but failed repeatedly and through the course of the day touched the 180s. I can't say I saw 180s as a possibility as I have been saying anything under 220 is a chance to open long positions. I have been calling for a close of the week price of 235 after adjusting upwards when we saw ETH at 250. If ETH can break through 250 again today and establish a trading zone of 230-245 I think we are on our way straight to 300. If ETH fails in the 230s again don't be surprised if we test 205 support levels. I am keeping anything below 220 as my place to open up new long positions.

Litecoin

LTC has been surprisingly "boring" over the last week of trading. It has stayed in a pretty tight range between 40-45 testing the 30s on occasion but establishing what I see as a strong support level of 40. I remain bullish on LTC and think we have a golden opportunity to establish long positions at these levels before LTC makes its way back into the 50s.

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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