Market Update | May 11th, 2019

 

Actual Trading – Market Update

May 11th, 2019


Summary

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AN UPDATED Crypto Targets were announced at 7:00 pm ET on May 11th, 2019.

Too far too soon.


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Market Overview

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Overall market is turning and positive fundamental forces are building especially with established firms entering the digital and crypto space. Although Consensus arrives this week with likely positive projects and sentiment, do not think the weak buying above 7,400 and 200 will allow a more substantial rally over the next week.

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Strategy

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Sell BTC 7,400-7,500  and ETH 202-208 for a pull back potentially to BTC 6,500-6,700 and ETH 175-180.


Earlier today…

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Actual Trading Announces Crypto Targets at 1:00 am ET on May 11th, 2019.

We are overall neutral with diverging short term biases for BTC and ETH.


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Market Overview

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There is strong demand for BTC. Whether the reason is one of or a combination of wider crypto ventures by established banks into the market, a flight to crypto safety from USDT, potential buy the rumor buy the fact Consensus developments, the bottom line is rapid price increases.

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Strategy

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We see 6,750 as an opportunity to lighten up and even square up BTC longs. While this may be playing with fire, it is actually tempting, given the outspoken bullishness in the market to actually scale into a short starting at these levels with smaller amounts and greater latitude to withstand the grind higher. ETH has been a strong fundamental short. Even though it is easier to justify an ETH rather than a BTC short, we think that .026 is a level where there could be potential spikes in ETH. We do not think being short ETH is worth the risk reward. We recognize that we have breached .027 and technically that compels stop loss selling. But we worry about weekend liquidity and the propensity for ETH to spike. We look to take back all ETH shorts via ETH/USD and ETH/BTC and look to sell 188 to 198 if and when market takes on the wall of ETH to be sold at 190-192.

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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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