What an epic Bears vs Bulls battle last night, $13,000 held after being repeatedly tested. It was quite the thing to watch. I believe the low was in the $12,700 range. After numerous failed rallies, one finally stuck on a buy order of 350 BTC that turned the corner on the 15 minute time frame. That said no lecture today as I was up till 4 a.m. trading. While I typically go much more in depth, this is my two hours of sleep, but dedicated to the STEEMIT cause analysis..:)
In the event that this rally fails to materialize, expect the ride down to be just as fast. After all futures start today. If BTC does go rocking down once the one hour time frame turns south. Look for a retest of $14,000; followed by $13,000 and from there I don't think it will really matter as the downward momentum could get epic. The wild card in the whole situation is the futures market which I believe goes live at 6 p.m.
So what do I expect for the day? Likely a rally that will push us very close to where this most recent dip began, on GDAX I think it was $15,800 and Bitfinex $14,600. If we gain sufficient momentum we will likely blow right throw those spots and correct a few percentage points after. I would look for a tight Buyers and Sellers battle near the top and likely a pull back of 10 percent or more there after to see if this rally is going to stick.
Etherium
I believe ETH buyers will exercise caution and determine if the price point on Bitcoin will hold. I feel there is a lot of uncertainty in the market today and that will be reflected in tight trading action that trends with BTC
LiteCoin
Fresh off all time highs, Litecoin may be a trap.. It was well on its way to another rally yesterday when BTC decided to head south. Some of yesterdays buyers may still have rally fever and may be over eager to buy expecting a huge jump. If you got in at the $135 low last night, great job.. If you were trying to play pick the bottom on the correction and found yourself hung out; not great job. Be careful with LTC today. There will be big moves but the pendulum will likely swing both ways.
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