– Good day guys, hope you’re well.
Been a little while since I spoke to you.
I’ve been all over the shop really.
Busy in Hobart, Melbourne
and events in Sydney as well.
So I just wanted to go
through and have a look at
the top 10 with you guys
because there has been…
Well there’s been a lot of
activity lately hasn’t there?
I mean if we talking of Bitcoin right now,
just quickly look at the weekly.
Look, here’s the thing
that’s been of my concern,
is that the lower high
here, lower high here.
We had the potential to break
out for a higher high as well.
But obviously we’ve moved lower now.
Couple of things to note here
is the depth of the pullback.
We’ve come back 41.21% now
which isn’t out of the
realms of normality,
if you look at the pullbacks
through here that we saw.
We definitely saw a number
of really strong pullbacks
of that 40% tight region like back here.
We also saw a 40%ish move back here.
It’s just that they
happened a fair bit quicker
than what we saw here.
If we look at the month though
just quickly throw that up.
You’ll see we’re actually
back in around that 10 period
Moving Average, which is quite normal.
We saw back through here,
touching on that 10 period
on its way up.
So nothing too out of the ballpark.
Definitely lower highs and
now we have some lower lows
coming in there on that weekly as well.
Is it tradable?
Well,
at the moment,
not particularly,
not from my point of view.
If you have a look here in the four-hour,
we’ve seen quite a quick dump.
It’s gone down very fast
and you’d be pretty brave
to have gone short here.
You may have, but since then
there’s been really no
really nice pullbacks
even going down to the
really low timeframes.
Maybe, here, we might actually
see a nice flat level form,
which would be nice.
I’d like to see that.
We’ll wait and see if
we get that eventuating
throughout the afternoon
and throughout the evening.
It’s just a matter of time
to see if we do get it.
Okay, so, through the rest of the top 10,
let’s have a quick little look through.
Ethereum against the dollar of course
having a big fall as well.
Pretty unfortunate actually
because as it pulled back
into the cradle zone, it was
looking really, really nice.
Uptrend had kicked in.
Very good run of course.
Now we’ve undone all of that
and quite spectacularly as well.
EOS as well looking at hit here.
Big fall.
Again a really, really decent fall there.
Regained a bit from those lows.
Just keeping an eye on here.
Anything on the pullback
here that I can trade.
Let’s go to the lower
timeframe and just check again,
any flat levels here that
we could be interested in.
Not just yet.
It’s just a bit out of
control at the moment,
and that’s what the, not my concern,
but that’s what’s keeping
me being very cautious
in the market at the moment,
is just how fast it’s moving.
Nothing on XLM.
XRP.
Good run up and then
a very strong collapse
once again here as well.
So let’s have a look here.
The one hour, back into that cradle zone.
Let’s have a look at
the 15, any flat levels.
Ooh, nothing yet.
Let’s draw a level through here.
Look, I’m going to keep an eye on that.
It’s got a lot of, a
fair bit of work to do,
but there might be the potential
for a Bitcoin breakout short
and if there was to be that,
then I may look for that.
It’s low risk,
because of course we’ve got, I guess,
a really volatile market at the moment
which I need to be very careful of.
From there, onto Litecoin.
So XRP one to keep an eye on.
Litecoin.
Look it didn’t really bounce much
and it sort of led the market down.
We saw a decent move,
if I jump back to the daily here.
It moved lower a day before
the rest of the market
and then yesterday of
course having another
really, really strong fall,
so it’s broken down through
most of those key levels
of support there
and holding down again
through those lows today.
So not a great deal of interest
there from me on Litecoin.
Bitcoin cash as well.
Very strong fall, a huge
fall as a matter of fact,
yesterday, we’re talking about 24%.
Big, big, big move indeed.
Happy to leave that for the time being.
Binance against Tether.
If you can trade this short
against a dollarish pair,
then there is also a flat level.
I know some platforms do offer that.
Just keeping an eye on
that now, that flat level
sort of coming about.
But need to have conversions.
Might get it.
We’ll keep an eye on that.
TRON, another one that’s
in the list there on the 10
but it’s not doing a
great deal at the moment.
Needs to pullback a little bit deeper.
Cardano in the same sort of boat
and BSVS, they had a massive fall.
Humongous fall which will
make some people happy.
What I will say is this.
It’s in the downtrend and
it’s moving quite nicely.
Just a matter of waiting
for it to come back
into that cradle zone again really.
It’s pretty straightforward from here.
There was a a bit of a
breakout that I mentioned
to the Hobart class.
Through here.
And if I look at it on
the one hour back up here.
The market was a bit thin there,
but it has had a very strong fall from it.
Just waiting for opportunities.
So guys, bottom line is this.
Be patient.
Good time to sit out for
the time being in my view.
Maybe some little
opportunities for shorts.
This market is so volatile right now
that I’m really waiting to
see what it will do next
before I take any real action here.
So, have a great day.
I’ll speak to you all again soon.
Don’t forget, anyone in
London, Malta or Singapore,
we are on our way.
October will be when
we come out to London,
so not long at all.
And from there, Malta and
Singapore back to Sydney.
Don’t forget Adelaide and Perth,
we’re coming for you as well.
Have a fantastic day.
Trade safely, be patient
and I’ll speak to you soon.
Bye for now.