Friday June 24, 2016 7 AM
Did you survive the Brexit vote? If you did, congratulations because you can bet many currency traders did not. In my opinion, just making it through events like Brexit without getting destroyed means you have a real chance to be a serious trader.
But, don’t kid yourselves, we’re really just getting started. Remember I wrote recently that the powers that be like to create crises that last a while. Voting for Brexit all but assured us that there will be major roller coaster activity in most (if not all) markets for weeks to come.
The patterns I’ve shared with you in the last several posts are still very much intact. If you didn’t read them, or don’t want to here’s the summary:
Bitcoin: rough roadmap I drew up when BTC was at $575 yesterday was up to $700 – then down to intermediate term target range 375-425. BTC reached $687 last night.
Today shows a moderate probability of a reversal down below yesterdays high of $635, leading to more downside. I’d feel stronger about today’s pattern but with Brexit type events, you have to lower your expectations for any outcome.
Ether: More downside before meaningful upside with likely tests of $10 and even $7 coming. While that patter is still most probable, the last few days have been bullish for ETH as it’s held up very well in the $12.50-$15.00 range. Things could change in a hurry for ETH but I don’t see anything clear to trade on yet.
No changes to my portfolio yesterday. It actually went up very slightly as my 25% of core position in ETH rose overnight. Other than that, slept like a log.