Bitcoin Market Summary – 22nd June 2015

Well, we now have our position in the market with a confirmed purchase signal, the initial signal in the LTC market was followed by confirmation in the BTC market.

Our positions were established at 2.829 in LTC and 247.76 in BTC. For the purposes of this series of articles I will assume a starting balance of $1000 so we have moved $250 into LTC giving us a position of +88.37045 LTC; $750 into BTC giving us 3.02713 BTC. No short or leverage so no financing charges.

Current $ P&L of positions, BTC (246.98) -$2.36, LTC (3.025) +$17.32, Net +$14.96

As discussed in the trade alert we now have a confirmed Dow Theory signal applied to Bitcoin which is indicating the start of a Primary Bull Trend. because of the nature of the market primary trends are not the 12-24 month+ trends expected in the Stock Market, we expect primary trends in the Bitcoin market to be 2 month+ in duration – but there are no guarantees so monitor the market closely.

Our view is that the current bull action is invalidated if BTC/USD closes below 222 on a 12 hourly basis, confirmed by LTC closing below 1.6050. We will only exit our long positions if both markets confirm the failure.

Good Luck.

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