Sep 6 am, FX/BTC Update
Euro-1.1645. No Euro chart today, but the big picture hasn't changed so nothing new to show. Resistance and support both held in overnight trading. The Euro rallied first, making a new recovery high at 1.1659 and then sold off into the London open but holding support just above 1.1610. No clear direction at the moment. Today's range is less than 50 points and with the 10-day average daily range above 80, there is plenty of room for range expansion. How the 950am to 1050am period trades versus the 920am to 950am will set the tone into the close. Resistance lies at 1.1690 and support comes in at 1.1610 and then 1.1590, which was yesterday's mid-point. The Euro is stuck in a larger sideways pattern. I suspect it's just a vehicle to get in and out of the crosses/em pairs so it's finding good two way flow while other currency pairs either have capital flowing into them or out of them.
BTC-6395. Well, the 6550 level didn't even cause a pause in the move lower but that's what you expect when low volume trading levels are tested/traded against. As mentioned previously, even when wrong in a BTC market call, the levels are right. BTC has reconnected to the 6600 to 6000 congestion zone so it should trade sideways to lower in here. 6600 will now be resistance and 6000 is support. The charts above are: BTC, ETH, XRP and LTC updated through yesterdays close. Only ETH has broken the Aug 14 lows as of this typing. So, either ETH is wrong and the relative strength of the other pairs(at least in regards to the previous lows), suggests further downside is limited across all pairs and ETH will correct higher or, the other pairs are about to get crushed as ETH is leading the way. It will not be good if all pairs make new lows on the year. I still think 6k holds in BTC but need to see a bottom forming. I've been working more on a "pairs" type trading strategy for the Alt coin space--seems safer. As a trader, the space is offering great opportunities but need to be quick and nimble. Buy and hold traders are not having a fun year.