Bitcoins/Litecoins/Virtual Currencies

I would expect a retest of the recent lows coming for BTC sooner rather than later. IF, and I repeat IF, you are bullish then I would expect a bounce on support at around 32k and that might be a good entry point. 32k is an estimate. It could be 31k and it could be 33k. With numbers in the tens of thousands the spread for variance gets rather large.
ALSO: if the retest fails and the support at 32k doesnt hold, you could potentially see a steep drop down to the 24k level.

disclaimer: This is not to be construed as investing advice as I wear Harley Davidson t-shirts and do not wear a tie unless I am shilling my newsletter on CNBC.

Still feels like a strange cycle. Even before paying attention to the thread I at least was aware of the pricing of coins and their craziness. Now it just seems like this stagnant period of wavering. May pick up a few more Eth and it seems like a couple of others are still low enough to continue to pick up with less risk that they’ll crater. As in thinking they don’t have 30% to give up. But float between that 10%-15% range of +/-

Strange in the same way a battered housewife feels after being beaten because it rains but suddenly finding things calm in stable relationship. Not strange in a bad way.

Broke 34k, low of the day.

Down 1k in the last hour. Its just a slow steady bleed.

Sanrith Descartes said:

disclaimer: This is not to be construed as investing advice as I wear Harley Davidson t-shirts and do not wear a tie unless I am shilling my newsletter on CNBC.

Click to expand...

That's one helluva disclaimer. However, I trust your advice more than the squeeky clean pos's on Squawk Box.

Daezuel said:

I'm sure this isn't the bottom for ETH but it's damn attractive at this price too. If only I had the balls to sell and rebuy the lows.

Click to expand...

If you're long don't sell and get taxed. Defer the tax event and just keep buying.

Nester said:

i enjoy your post like this.
Thank you.

Can you do the same for eth? Do you see support sub 2k (when I plan to enter again)

Click to expand...

Arden Nester
I am a big fan of give a man a fish, feed him for a day, teach a man to fish, feed him for life. So here is your chart for ETH and how to set it up for yourself going forward. This is from Marketwatch.com (feel free to use whatever service you prefer).


After hitting Marketwatch, hit Crypto, then Ethereum then advanced charting..



Choose your time frame (with the insane 12 month movement of crypto I would opt for a YTD view. Click on "edit" on the "Simple moving average". It defaults to 50, "add period" and add 100, 200 and 20 and then hit close. It will them look like this...



Mousing over anywhere on the chart will give you this nice flyover with all the numbers on whatever day you are mousing over...



So looking at this chart it sells us the current price now is just a hair below the 100-DMA ($2300.5) and well above the 200-DMA of $1642.98).

Right now ETH is in range between the 100-DMA and the 200-DMA. If you are bullish you might feel its going to break the overhead resistance of the 100-DMA and make a run up to the 50-DMA (at $2842.37). If you are bearish you might think its going to cruise down and test the 200-DMA (at $1642). It could do both or it could bounce around sideways in this big $700 dollar trough for a while. BTC has a lot of weakness now so if I were a betting man on crypto I would take a wait and see approach in the short run. As the 20-DMA keeps dropping it is going to create more overhead resistance. Same with the 50-DMA. The long it takes to decide what it is going to do, the more pressure it will have on it to break lower.

Or I could be totally wrong. Its crypto and it likes to do its own thing. Also, never take financial advice from a guy who wears Harley Davidson t-shirts.

Use what I showed you above to teach you how to setup your own charts and read them.

Arden said:

I have my issues with Zero Hedge, but he posted this a couple hours ago and it's probably the most cogent explanation I've seen regarding the differences between ETH and BTC, and why ETH is a better investment: "Own The Internet" - A Bull Case For Ethereum | ZeroHedge

Click to expand...

ZH does some quality stuff, you just have to go into it understanding it is bear pron and that is its spin.

Sanrith Descartes said:

I would expect a retest of the recent lows coming for BTC sooner rather than later. IF, and I repeat IF, you are bullish then I would expect a bounce on support at around 32k and that might be a good entry point. 32k is an estimate. It could be 31k and it could be 33k. With numbers in the tens of thousands the spread for variance gets rather large.
ALSO: if the retest fails and the support at 32k doesnt hold, you could potentially see a steep drop down to the 24k level.

disclaimer: This is not to be construed as investing advice as I wear Harley Davidson t-shirts and do not wear a tie unless I am shilling my newsletter on CNBC.

View attachment 355865

View attachment 355864

Click to expand...

The only negative news to come out against BTC in recent weeks is Elon suggesting it's not energy effecient. Compared to what? Digging gold mines? Everything else is, "VISA is going to use BTC", "PAYPAL accepts BTC", "Banks going to start using BTC", etc., etc., etc.

Either way it seems like an interesting reset, especially considering the slow bleed occurring today. Why? Is it coordination trying to get people to let go of their coinage and create an even deeper buy event? Or is it simply a function of the market cooling off after a hot-as-hell run up?

The SMA's make it look like it's going to rebound off $32k, while I would expect to see a very hard aggressive drop if it wanted to get to $24k. I spent months looking at an SMA BTC chart and I'm still not sure. Volatility is your friend. Volatility is your enemy.

I'm in BTC so long I don't care though. The bets I'm making are based on being able to buy a hamburger with crypto in the next decade.