We have seen quite the pullback in cyrptocurrencies across the board the past 48 hours. Many have had a nice bounce off intraday lows, giving us reversal type candles.
Here are three reasons are bought some crypto today:
Ethereum Daily Chart
Stratis Daily Chart
Litecoin Daily Chart
Wait, were you expecting an explaination?
Okay okay - the charts triggered my decision. All three charts shown have a hanging man candle yesterday followed by an inside day today. With some of those looking like reversal candles today as well.
Plus, ETH is not far off from a support level. So as opposed to waiting and missing the turn if it happens here, I entered a small initial position and then can buy again if it test and holds support. Risk-Reward is pretty favorable.
STRAT basically tested it's support for the third time and is in a triangle pattern that is soon to bust one way or another, so again. Good risk-reward ratio there as well.
LTC just looks to me like a flag pattern is forming so I'm just playing the odds given most crypto is trying to bounce.
They are all small initial trading positions
Didn't go all crazy, had a few ideas so put some skin in the game. We very well could still test the support levels shown in the charts above. If we bounce, then at least I have some exposure.
Regards,
Disclaimer: All info in this post is my opinion and for info purposes only.