BITCOIN SMACKDOWN

We saw a massive pull back in the crypto markets this weekend as cryptos got slammed and look to be continuing that trend. This usually occurs right before a reversal so get your buying fingers ready as we should see a sizable reversal within the next couple hours or days. There is a lot of volatility in the markets today compared to this weekend how it moved extremely slowly but there seems to be some excitement and it seems we are close to a bottom.

I would wait for the market to prove that it has created a bottom and started its move upward however, you can't go wrong putting any entries in right now as prices are dirt cheap across the board for the cryptos.

If you look at the chart for BTC you can see that there is a lot of red on the recent days for the chart. This could continue and the price continue to drop but I will maintain my bullish case that we are closer to the bottom and a reversal should be just around the corner.

Looking at NEO's chart you can see that it has broken the .618 retracement line and is heading for the .786 and has been on a tare showing no sign of reversal so far. It is interesting to watch and if you can see that yellow trendline, I would wait until it shows a bearish sign to enter the market once again. I hope you guys all placed your stops appropriately this weekend and didn't get caught on this downward move. It is important you always keep your stops in play and have them in appropriate positions as the market moves very quickly.