Scott Redler’s Dog Bytes: Crypto Capitulation

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SPX futures are -60 handles after a big 6.5% move from Thursday's lows. Friday gave nice follow-through to that. Now we’ll see if the 4287 area holds to give some commitment. We have the Fed later this week and a jobs report that will be turned in after the Belarus meeting.

Bitcoin: some accumulated into that 1/20-1/21 capitulation decline with me. Others waited for the Feb 3 buy signal when it cleared the downtrend line and cleared the $39K area. It hit $45K. I trimmed a lot, and held some of my alt coins which were up 30%-90%+ in that bounce. But i went back to 50% cash. I've traded it a bit since then and it made a higher low at $34k. It acts decent amid the volatility. It would be nice if the double bottom builds to something bigger.

Ethereum: some accumulated on the 1/20-1/21 capitulation when it hit a low of $2159. On Feb 3, it broke above the downtrend line to reclaim the 8/21 day. It hit a high of $3250+ where I reduced. I did trade around it. It looks like it made a double bottom last week but we will need time to confirm that.

Positions Disclosure as of 2/28/2022 at 8:59 a.m. ET