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NOTE: The basic idea of our “Market Wrap” is simple
A summary of the market or a specific crypto as of that day and you can then click on the Categories link for specific updates and more information on that topic.
We sincerely hope you find this daily summary helpful and welcome your feedback.
Cryptopatterns Market Wrap
Monday, June 5, 2017 8:30 PM EST Vol 1 issue 2
USDT Exchange Crypto Market Summary (search category “market crypto” for more)
Today’s price action showed more bullish signs than bearish
BTC has continue to grind higher and is now right below all time highs — still on lower volume and still with bearish divergence.
LTC reached it’s target of $31 but has pulled back — higher volume
ETH did not drop on it’s 1st day it usually can under the current sell signal – ETH did not go up either
XMR went up nicely but on very low volume
REP threatened new highs but pulled back
NXT made new highs but this is a low volume coin on the USDT exchange –still worth noting
As for bearish indicators
XRP has not moved up at all –down a little on the day
Perhaps the most important — there has been no “breakout” bullish buying. In general volumes are lower — they can keep taking price up for a long time and make traders anxious to get on the bus suffer, but ultimately volume needs to confirm this rebound rally or prices will drop. And likely drop a lot.
As of tonight, we’ll respect price action and give a slight edge to bulls. It’s a very slight edge given ETH AND BTC are both under sell signals unless they break out to the upside.
UPDATE 8:40 PM EST – Market becoming more volatile as BTC tests highs — reaction tonight should be important to future trend. BTC should drop in next 4-12 hours or explode higher if it’s going to create sell signal failure.
Edge to bulls means we’re watching for a price breakout and ideally waiting for a retest of that breakout to make our ST and IT entries in big crypto. If there’s a price breakdown, it should be fairly obvious.
BTC Exchange Crypto Market Summary (search categories high risk low vol crypto and “market crypto” for more)
The rotation trade came into doubt today. Prices have risen far for quality crypto on the BTC exchange than than the USDT exchange (FCT, DGB, SC others) but none finished at the highs which is what you want to see in a strong bull market.
In fact, there were a few that showed unexpected weakness notably BTS, VTC and BCN. If this weakness doesn’t reverse back to bullish behavior in the next 24 hours (or sooner), highest prob position managment stops should be tighten or positions closed altogether.
BTC is threatening a serious breakout currently so the individual crypt analysis will be added later or tomorrow so this can get to subscribers on a timely basis.