Market Update | April 22nd, 2019

 

Actual Trading – Market Update

April 22nd, 2019

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Summary

AN UPDATED Crypto Targets at 12:30 pm ET on April 22nd, 2019. 

We have moved from short term bearish back to neutral on push down to BTC 5,250 and ETH 168.

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Market Overview

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Market participants appear to be battling to push levels higher and lower as opposing camps try to overwhelm intraday liquidity to gain ground. A spike higher to BTC 5,400 and ETH 174 takes out stop losses this morning but then reverses course.

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Strategy

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We had established a short term short perspective as of 12 hours ago with a goal to sell on a move higher. We anticipated BTC 5,300-5,350 and ETH 170-172. Given that we relatively easily went 1-2% beyond those levels, we have taken the opportunity of this reversal to cover shorts at BTC 5,250-5,265 and 168-168.5. Market caught slightly long but the underlying trend still feels higher. We prefer to re-enter market at either lower levels to buy or higher levels to sell. Remaining wary of potential moving average bullish crosses in next 2 weeks.


Earlier today…

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Actual Trading Announces Crypto Targets at 12:00 am ET on April 22nd, 2019. 


We have moved from short term neutral to bearish at BTC 5,300 and ETH 170.

Market Overview

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We wrote on April 18th to highlight our concern about downside vulnerability: “The market has longer term demand compromised by weak short term longs at levels that are too high to stand up to a sharp move lower.

Over the weekend we have seen aggressive selling that increases our concern about the downside. 

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Strategy

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Ordinarily, we might look at the resiliency of crypto in the face of large weekend selling into less liquid markets. Initially, we looked to buy weekend dips. However, given the relentless waves of selling, we believe in going with the flow and look for a more extended move on downside. While longer term prospects for crypto might be positive, at this time, the market seems more vulnerable to subsequent failures to hold downside support. We look for 3% to 5% lower over the next few days.

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Thank you

David Reich | Head of Actual Trading

 

DISCLOSURES: This Commentary is for informational purposes and does not constitute investment advice, any type of recommendation or an offer to sell or a solicitation to purchase any securities from the Actual Trading or an entity organized, controlled, managed by or affiliated with Actual Group, LLC (“Actual Group”).  Any offer or solicitation may only be made pursuant to a confidential private offering memorandum which will only be provided to qualified offerees for careful review prior to making an investment decision. We aim to educate, report and/or opine on certain developments relating to the digital asset market. These are our subjective views, based on information and sources we believe to be reliable as of the date we publish, but we make no representations or warranties with respect to the accuracy, correctness or completeness of our opinions or any information herein and have no undertaking to update it.  Please do not rely on it.  

Actual Group and/or its affiliates and personnel have made investments in some of the assets or instruments discussed here, and may in the future make additional investments (long or short) in such assets or instruments without further notice. Actual Group does not, here or anywhere, provide accounting, legal or tax advice, or make investment recommendations.  Please do not rely on us for the foregoing. We strongly suggest that prospective investors seek independent advice with respect to any investment, financial, legal, tax, accounting or regulatory issues discussed herein. Certain information contained in this Commentary constitutes “forward-looking statements,” such as statements that include the words“may,” “will,” “should,” “expect,” “anticipate,” “target,” “project,” “estimate,” “intend,” “believe”.  There are so many risks and uncertainties that actual events or results or the actual policies, procedures, and processes of Actual Group and the Actual Trading and the performance of the Actual Trading may differ materially from those reflected or contemplated in such forward-looking statements.  Please do not rely on forward-looking statements. Past performance is not necessarily indicative of or a guarantee of future results.

 

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