On Watch 2/18/21 From Dante

 

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RIOT: This one has been unbelievable long the last few weeks…congrats if you’ve been on it with me. Just incredible. However…all good things must come to an end. I think this is starting to separate from Bitcoin now in a bad way. It’s speeding up significantly, in the sense it’s starting to feel artificially pushed and short squeezed more than it is just the normal action we’re used to of it following Bitcoin. So that said, I’m looking for a morning where this gaps up way too much, and now thinking to flip bias short. If we can somehow see a gap and push towards 100, then this will be setting up for an absolutely absurd trade. We can only hope, but thats where I’m at with it now after a long bias for weeks. Open strength tomorrow and wait for a little blip from Bitcoin and this thing is going to wash out like you’ve never seen soon.

ANTE: Looking for similar action to RIOT in this one. ANTE is a bit odd in the sense that yes it’s a crypto play, but it doesn’t always follow the Bitcoin moves as true as a RIOT or SOS has been. So for that reason, I have a hunch it’s the weaker of the crypto bunch and it’s already seen 100%+ returns, so if Bitcoin does falter, I expect this to take quite the spill. At $3 this was one of my preferred crypto speculations, but now $7-8+ I am thinking differently. Eyeing any morning strength there tomorrow and looking for the reversal trade lower. Pretty thin one, so be careful sizing.

LODE: Everyone absolutely buried long. Early buyers buried. Dip buyers buried. I’d venture to assume there are more than a few hope and prayers that would be thrilled to see 7-8 tomorrow to get out closer to breakeven. So I am hoping for a little morning push out of it and should we get to 7-8, I’ll have a close eye on it for a re-short from there midday.

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See you out there!

-D