Wow, who doesn’t love time off?
I have to say, it’s not easy to come back to work even after only a few days. (But don’t tell Mark Sebastian I said so!)
Not sure if I needed more time away or less, but it was pretty, pretty, pretty good.
If you are traveling anytime soon, beware … the airports are mobbed!
But now I’m back, and I’m hitting the ground running with ideas …
Unless you’ve been living under a rock (or on an extended vacation), you know the crypto currencies have “collapsed.”
Since making highs in April and May, the decline has wiped out over a trillion dollars.
This began when China banned crypto mining.
Now, the CCP is wielding their governmental power again. pressuring their banks and payment companies to crack down on all crypto currency transactions.
But is the selloff in the crypto currencies coming to an end?
To the Charts!
Check out these three crypto currency charts and tell me what you see.
Yesterday’s candles on these charts could be signaling a reversal in trend.
In Bitcoin, I’m seeing a hammer and in Ethereum and Cardano I am seeing dojis.
These candlestick formations, at the bottom of a downtrend, may be signifying a change in the downtrends.
I will be watching today’s candles for confirmation.
Last Wednesday, I pointed out the stock charts of Riot Blockchain (Ticker: RIOT) and Marathon Digital Holdings (Ticker: MARA).
I thought the stocks were ready for a breakout from their trading ranges.
That didn’t happen.
But the reversals occur in the cryptos, these stocks will participate in the rally, too.
If MARA opens and looks stronger today, I will consider buying the July 16 27.50-strike calls with an implied volatility of 98.36, and sell the July 16 34-strike calls with an implied vol of 103.61.
I will pay up to $1.90 for this 6.50 point spread with 24 days until expiration.
If it trades down to $1.30, I will take my loss.
I will begin to take profits at $3 and over.
Thanks for Reading … See You Next Tuesday!