I don’t mention cryptos here much, but I saw a headline that LiteCoin was up 30%. There’s an entire subculture of crypto journalism, and I am certain without even looking that there’s a whole raft of “Crypto is BACK!” articles being cranked out at this very moment. My view is that this is a “one and done” kind of move. I continue to be impressed at how chart-compliant cryptos are, and the red horizontal and blue descending trendline should, I think, cap prices right about here.
The biggest of the big, Bitcoin, is enjoying some of the good energy from LiteCoin’s move, but once again, I don’t think there’s much upside after this quick burst of buying.