Merry Christmas Ripple [XRPUSD] HODLers! … or at least it was 4 days ago
before plunging about 70%, with yesterday night’s clusterfark to the downside
that had P.A.N.I.C. “get me the frick out NOW at any price!” written all over it.
And as I’ve stated many times before on this blog, “I trade this stuff, I don’t date
it”! … today’s range therefore, is more than a little deceptive, cuz the Ripple
rumors of its imminent delisting from major crypto exchanges started swirling
just after the open at 5 PM EST [New York] … quite frankly, it had the feel of the
‘87 stock market crash to it … prices so disruptive in the entire alt-coins space,
it’s simply idiotic to think you’re gonna trade any of it and not get ripped to
shreds on fills … and while BTCUSD went down some, it was nothing like what
happened in the alt-coins … and then it rallied smartly just to let you know there
are large bids underneath the market.
And the bloodbath in XRP has had me a little concerned about BTC, only cuz of
the extent of the run since October 1 … to say BTC is “overbought” is this week’s
understatement, and some nasty corrective activity is certainly due … doesn’t
mean we’ll get it, cuz overbought conditions can be worked off by going
sideways … and over the last 6 - 7 days, that’s exactly what BTC has done … and
yet, sentiment in this space can change quicker than my “big girl panties”, and
when this stuff gets crankin’, either up or down, it’s a freight train down the
mountain with no brakes, then turning on the proverbial dime … today BTC about
as sick in terms of trading action as you’d expect from a traditional market on
Christmas Eve … but crypto is different, cuz it has no rules, no boundaries, and
is always open … and while logic would suggest a slow day, in this stuff who
knows?
Well, we got the slow day … how slow? … slower than we’ve seen in a while
… take away the Ripple fallout from right after last night’s open, and from my
perspective of being here about 9 hours now, BTC has about a 350-ish dollar
range from the tips, inside the infamous “Flying Wedge of Death” [FWD]
… average M1 range while I’ve been here about 40 dollars … and that with only
a 350 dollar range? … yup, some wicked back & forth via air pockets cuz they
can … and with lower volumes today, it doesn’t take much for the “whales” to
screw with retail specs, and that has certainly happened in spades.
Quite frankly, the algorithm isn’t designed for BTC when it’s dead or has very
tight ranges … asking for volatility in BTC is like asking Freddy Kruger who
does his nails … that’s right after you’ve been sliced & diced … but remember, it
is Christmas Eve after all and so it’s not totally unexpected to see this market
take a breather while the alt-coins go ballistic and play in “The Crypto Twilight
Zone” with 20% - 50%+ moves in value, yea it’s a bit hectic!
I was looking for trades today, but given the lackadaisical action in BTC, lack of
any kind of moveable trend that lasted longer than a few minutes, algorithm
signal parameters had an impossible time syncing to get signals … we needed
slightly higher VIX than what we saw, cuz there were multiple instances of signals
being close, but we ultimately got no cigar … and if today is like it is, what’s
Christmas Day gonna bring to the BTC table? … I dunno, we’ll find out cuz it’ll be
open and trading … I’ll give it a few hours before the “Locust Hordes” wake up
here in the hacienda tomorrow, and then it’s a free for all of food and present
openings.
I spent some time looking at the alt-coins, and XRP is insane right now
… Chain Link today with a 50% move up from last night’s low, so it isn’t exactly
calm either … there just isn’t any way to make markets in any of ‘em while rumors
swirl about Ripples existence … Camp A: “it’s going to $1,000”! … Camp B: “it’s
worthless shit not worth 0”! … tsunami panics are never pretty! … I’ll have more
next week on my plans for “The Syndicate” and how we proceed … no trades
today in anything … not for lack of effort or not ready to “push the buttons”
… simply a lack of signals in a dead market that is dangerous as hell when it’s
quiet … given the propensity for a wild spread, slippage from hell on mystery
ticks, and the fact it could “RUN” at any second, this isn’t a market where you
should expect price to remain quiet and behave … quite the opposite … so, we’ll
see what tomorrow brings … not expecting anything, and if I don’t trade anything
tomorrow my next blog will be on Sunday for the update … if I do any trading in
BTCUSD I’ll blog about it in the afternoon.
Have a very Merry Christmas everyone! … I’m full steam ahead!
… Onward & Upward!!
-vegas
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