$40M Means Nada

Some of you have expressed this sentiment but when the market shakes off a $7M at what typically has been called the most solid exchange in the business, we really have a bullish market. It basically gave a bunch of no-positioners the opportunity to BTFD or cover shorts. So far local resistance formed overnight has been taken out. While I remain cautious up here, there is definitely no reason to short this market. Further, I do have a thesis, and I emphasize thesis, that Bitcoin extending will give an opportunity for alts to finally get their move. 

Ryan Wilday hosts the Cryptocurrency Trading service on ElliottWaveTrader.net.