(Disclosure: Mr. McHugh owns XRP and XLM. This is not a recommendation to buy or sell any currency.)
Bitcoin corrected, but held steady at weekly support of $12,000. If BTC closes above $14,550 today, we’re looking at a bullish reversal which bodes well for the rest of the crypto market. If it closes below $14,550, which is trendline resistance, it’s possible that we may still be in for a sell off. Depending on the direction of the breakout, I expect a $6,000 move to $8,000 on the bear side or $20,000 on the bull side.
Bottom line: A close above $14,550 is a bullish signal.
It’s been a great run since buying on the breakout of 80 cents. I’m holding strong waiting for an inevitable Coinbase listing, which should spike XRP nicely.
New Position: Stellar Lumen (XLM)
There is room for competition in most markets. Stellar is the Google Android to Apple’s iOS or Microsoft’s Windows. Both Stellar and Ripple should prosper in the coming year.
Trade Record: +2080% (since October 28, 2017)
– Fund forthcoming
– Key trades:
— BCH buy stop at $401
— IOT buy stop at $1.11
— XRP buy stop at $0.80
— XLM buy limit at $0.000036