Cannabis Craze Diluting Big Crypto Moves

TLRY ROSE 93% INTRA-DAY ON WEDNESDAY, PROMPTING COMPARISONS TO CRYPTO’17.  Right or wrong, we had not seen panic buying like this since the blow off top in Bitcoin, et. al., nearly nine months ago.

Toward the end of this week, most Cannabis stocks and ETFs had come off their “parabolic” highs.  General stock market volatility was back to being non-existent, too.

And then RIPPLE (XRP) spiked 100%… While that didn’t hold, it was still +40% by Friday afternoon… More importantly, we saw solid gains hold for Bitcoin (BTC) and Ethereum (ETH).  Earlier in the week, both were scratching and clawing for support to no avail..

Can this be a turning point?

It can be a start…  V shaped reversals do happen. But given the pronounced damage we’ve seen in 2018, this has – and will continue to be – a process.

So, no matter which Crypto asset we’re talking about, the following needs to happen.

1. Hold Support

2. Construct bullish patterns

3. Price targets hit

4. Log a higher low

5. Log a higher high

6.  Repeat…   Steps 1-5

Steps 5 and 6 have been elusive.  A few bullish days won’t change this, but they certainly can be part of the process.