Connect with us

Analysis

Analysis: Bitcoin Energy Point is Today (+ Litecoin, Ethereum, Augur, Monero, Zcash & Ripple)

Published

on

Bitcoin

Bitcoin

Bitcoin has been rallying for what seems like forever, but there is a fairly significant set of resistances in the chart that will likely be reached today or tomorrow.  A long-term 5th arc (black) and shorter-term arcs (the green 2nd arc will likely yield, but the next two will likely have a lot of stopping power, especially the last one.  The 3rd arc and 5th arcs intersect exactly at energy point.  Energy point is TODAY.  Likely not a coincidence.

Ethereum Classic

Ethereum Classic has had a decent rally, we now have a target of  ~ $8.5

Ethereum

Last time we took a close look at ETH it was bouncing off support at 90.  Wow – what a difference a day makes.  Traders should take some profits soon.  IMHO this vertical rally will not last much longer.

Litecoin

This coin has been a bit of a disappointment. It rallied where expected, but the rally has so far been very weak.  Support is likely to be found at the 1×1 angle (highlighted).

Augur

REP has been moving sideways a long time, but it is reaching both the end of the setup and an energy point.  Watch it carefully…

Monero

XMR has rallied back to its high of several weeks ago. If it can close above the arc, the 3rd arc will be the next target at ~$34.

Ripple

Ripple fell to the top of square, indicated by the arrow, exactly on the end of the square.  That was likely a good buying opportunity, as I tweeted at the time.

Zcash

ZEC is currently trading within a 2nd arc pair.  If/when it can close above the arc, a next target will be ~ $115.

Remember:  The author is a trader who is subject to all manner of error in judgment.  Do your own research, and be prepared to take full responsibility for your own trades.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

5 stars on average, based on 2 rated postsJim has an MBA from the University of Southern California. He has had a long career in both Corporate Finance and IT. Along the way he discovered that trading was a vehicle with great promise, but struggled for a long time without a mentor. After having been knocked down many times and having struggled to get back up, he had an epiphany and realized that geometry was a solution. He shares his experience here. If you do well as a result of suggestions made here, feel free to say thank you :) BTC: 1FUq3GB1Q8zz2JpuBr7YHzVBKnaWoxgmya Follow him on Twitter (@jimfred1276) or email him at jimfred1276 at gmail.




Feedback or Requests?

23 Comments

23 Comments

  1. ridesisapis

    May 20, 2017 at 11:06 am

    shouldn’t we hear buy signal for ETH as of yesterday? it was extremely painful, especially for newbies watching the graph as last articles has suggested “i would not buy this yet” and than wait for “104$” price target without immediate reaction from here

  2. majykman

    May 20, 2017 at 11:08 am

    What chart do you use/ where do you get them with this view? Thanks

  3. ridesisapis

    May 20, 2017 at 11:15 am

    are these bad news for ones who invested in ETH at yesterday’s top ~139 “IMHO this vertical rally will not last much longer” and LTC “This coin has been a bit of a disappointment” ? I really think that “staying sharp in todays market” was worth of a post here yesterday, don’t take me wrong

  4. ridesisapis

    May 20, 2017 at 11:16 am

    ~130$ sorry, anyway thanks for your posts and analysis, this things happen

    • Jim Fredrickson

      May 20, 2017 at 12:34 pm

      $130 was given as a target for eth last week, I believe. It got to $129… As for LTC, it will likely do well in the not-distant future for those with a bit of patience.

      We all hate buying tops and selling bottoms, but we all do it from time to time. Me too.

      My columns here are not meant to dispense specific exit/entry points. There are too many markets for me to cover them all adequately. This is essentially a blog right? Also, I don’t know what readers trading objectives or timeframes are. Some trade 5 minute charts, some trade weekly charts.

      I will likely launch a new service in the not-distant future that will offer additional services for those who want/need more specific trading tips than are possible in a blog format.

      Follow me on twitter for now…

      • ridesisapis

        May 20, 2017 at 2:53 pm

        alright, many thanks for your response

  5. tja

    May 20, 2017 at 11:30 am

    Hi Jim,
    I’m new to this. Can you tell me, what an energy point means? What should I do, if it reaches an energy point? Thank you

    • Jim Fredrickson

      May 20, 2017 at 12:36 pm

      Energy point is just a time when something is likely to happen. Think of it like a full moon or a fibonacci extension in time. Just a time-frame to be alert to a trading opportunity that might develop.

  6. Skidoo850

    May 20, 2017 at 11:45 am

    How do you think Ripple will go over the next few weeks?

    • Jim Fredrickson

      May 20, 2017 at 12:37 pm

      A new rally seems to have begun. Likely will make a new ATH, then correct hard. We will see…

  7. parmmd

    May 20, 2017 at 1:26 pm

    Hello. Thanks for your insight. Any comments on stellar lumens ? Whats a good price objective.?

    Thanks

    • Jim Fredrickson

      May 20, 2017 at 1:45 pm

      I like Stellar. I am surprised it has been so quiet. It will wake up soon I imagine. Target of
      .085 seems reasonable to me.

  8. mzvyga

    May 20, 2017 at 1:35 pm

    Привет Jim , спасибо за твои публикации!!! они реально помогают зарабатывать.
    Ты делаешь большое дело и Бог наградит тебя своей благодатью))) ты делаешь счастливыми людей и эти эмоции и радость снисходят на тебя! Большое спасибо!!!!
    Thank you very much my friend!

    • Jim Fredrickson

      May 20, 2017 at 2:37 pm

      Thank you for the kind words 🙂

  9. Iggy1994

    May 20, 2017 at 6:14 pm

    JIm, I made a mistake and purchased a bunch of BCN (Bytecoin) couple days when the market was up 280%, since next day it plunged to -40% but since has been slowly recovering and is now at +5%. should i hold?

    • Jim Fredrickson

      May 20, 2017 at 11:43 pm

      Bytecoin is not traded at kraken, so I don’t actively follow it. But I did a quick and dirty look at BCNXBT. While it is clear you bought a top, it also seems likely that if you can afford to hold it for awhile you will get your money back, and then some. May take a bit of time, but we aren’t talking years – weeks more likely.

  10. D1DT

    May 20, 2017 at 7:08 pm

    Great analysis as always Jim! (And great to hear you are considering a new/additional service) 😉

  11. thoth

    May 21, 2017 at 6:22 am

    Ewww

    I was trading loads of ETH between that .047-.051 only to move to LTC around .0135…

    Worked out well, Now I bag hold till next week or so in LTC

    LOL

  12. vishindia3006

    May 21, 2017 at 10:12 am

    Hey Jim. I’ve found your insights very helpful. Had a question. I have 0.6 btc. Should I trade it in any coin or keep it as such. My time frame is 3 months but can go longer. Currently I mainly have XRP and BTC and a few ETC, LTC, DCR, XEM and GNT. Please help. I don’t want to miss out on profits.

    • Jim Fredrickson

      May 22, 2017 at 1:31 am

      It’s an opinion question… IMHO 0.6 BTC has a better chance of doubling in the next 3 months in one of the altcoins. LTC, ETH, or XRP are all great longer term coins.

You must be logged in to post a comment Login

Leave a Reply

Analysis

Forex Analysis And Chartbook: Tech Selloff Resumes, Dollar Dips Again, as Yields Hit 2-Month Low

Published

on

Monday Market Snapshot

Asset Current Value Daily Change
S&P 500 2,697 -1.62%
DAX 30 11,244 -0.85%
WTI Crude Oil 56.76 -0.12%
GOLD 1,224 0.21%
Bitcoin 4,989 -10.26%
EUR/USD 1.1452 0.32%

While all eyes were on the cryptocurrency segment today, as the major coins continue to fall sharply, traditional financial markets have also been very active before Thanksgiving. The last days have been dominated by the strong rally in US Treasuries (a dip in yields, in other words) which carried the yield curve to a 2-month low today, due to Jerome Powell’s dovish words, global growth worries, and European worries regarding the Brexit process and Italy.

EUR/USD, 4-Hour Chart Analysis

The Dollar has also been feeling the effects of the falling Treasury yields, and after hitting a more than one-year high against the Euro this month, the Greenback fell to its lowest level in almost two weeks.  The long-term uptrend is not in danger in the pair and in the broader Dollar index, and with no higher swing high in the EUR/USD even the short-term downtrend is intact. That said, should the pair remain above the 1.1440 level, a short-term trend change could be ahead.

Nasdaq 100 Futures, 4-Hour Chart Analysis

US stocks had an ugly day despite a quiet overnight session which was helped by the continued optimism in China, in the face of the diplomatic disaster on the APEC summit. The meeting ended without a formal communiqué for the first time ever, due to the US-Chinese spat that took another turn when US Vice President Mike Pence attacked China on several issues, dampening hopes of a quick resolution to the dispute before the looming Trump-Xi meeting.

The major indices finished sharply lower after a steep morning selloff on Wall Street and the Nasdaq got very close to its October lows due to the weakness in some of the largest tech names such as Apple (AAPL) and Facebook (FB).

While both stocks fell on bearish news, with the report on a significant iPhone production- cut being the most worrying one, the selloff in the key momentum names is a more structural problem, which is likely the sign of the broader bearish shift that we have been following in recent months.

While the year-end cold still holds a stronger bounce, thanks to seasonality and a possible positive turn in the US-Chinese relations, we will still view all rallies as selling opportunities in equities.

Gold and Copper Edge Higher Amid Dollar-Dip

Gold Futures, 4-Hour Chart Analysis

Commodities had a bullish session thanks in part to the Greenback’s weakness, but gold, copper, and oil were also helped by very different reasons too. While gold benefited from the bearish intraday shift in risk assets, crude oil continued its oversold bounce after a brief spike towards last week’s low, while copper was boosted by the stability in Chinese assets.

The precious metal is holding above the key short-term $1215 level, and although bulls are still not out of the woods following this year’s selloff, a move above the October highs would be a very positive sign for the commodity, which we still view as one of the top picks for the coming years.

Copper Futures, 4-Hour Chart Analysis

Copper is still trading in a broad consolidation pattern, despite the rally of the past days, which was sparked by trade optimism. The long-term fundamentals remain hostile for the industrial metal, given the global slowdown, and especially the state of the Chinese economy, so even in the case of a move above the formation long positions should only be considered for trading.

That said, the short-term outlook is rather neutral, as the year-end could see feel-good risk rally (with copper possibly bouncing as high as $3), even as we expect the commodity to continue its broader downtrend.

ChartBook

Major Stock Indices

S&P 500 Futures, 4-Hour Chart Analysis

Dow 30 Futures, 4-Hour Chart Analysis

VIX (US Volatility Index), 4-Hour Chart Analysis

DAX 30 Index CFD, 4-Hour Chart Analysis

FTSE 100 Index CFD, 4-Hour Chart Analysis

EuroStoxx50 Index CFD, 4-Hour Chart Analysis

Nikkei 225 Futures, 4-Hour Chart Analysis

Shanghai Composite Index CFD, 4-Hour Chart Analysis

EEM (Emerging Markets ETF), 4-Hour Chart Analysis

Forex

USD/JPY, 4-Hour Chart Analysis

GBP/USD, 4-Hour Chart Analysis

EUR/GBP, 4-Hour Chart Analysis

AUD/USD, 4-Hour Chart Analysis

Commodities

WTI Crude Oil, 4-Hour Chart Analysis

Featured image from Shutterstock

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.6 stars on average, based on 398 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




Feedback or Requests?

Continue Reading

Altcoins

Litecoin Price Analysis: One Last Safety Net Ahead of $20 Territory

Published

on

 

  • Litecoin has been further slammed, dropping 35% over the past two weeks of trading.
  • Should near-term demand area of $35-33 fail to hold, it will be very punishing.

The Litecoin price remains firmly on the back foot, one of the standout under-performers in this current bear market, against some of the other major altcoins. LTC/USD has dropped a chunky 35% over the past going on 2 weeks now. Market bears have been pilling in since the big rejection, after trying to escape out of a bearish pennant pattern. This was attempted on 7th November, the upper trend line of the pennant proved to be too tough.

LTC/USD daily chart

Just a few sessions ago, LTC/USD collapsed through the lower support on the above-mentioned pattern. This was seen around the $49 mark, where the bears came pilling through to further crumble Litecoin. The price plummeted through a strong prior acting demand zone. It was tracking from the big psychological $50 area, down to $47 territory. Bulls had propped LTC/USD on occasions in August, September and October, leading the price on to make decent gains from the noted zone.

LTC/USD 4-hour chart

Between 15-18th November, price action did enter a temporary form of consolidation. As mentioned in the previous article , LTC/USD was trading within a range block, which was very much vulnerable to a breakout south, having since proved to be the case. It was eyed also as a bearish flag pattern set up, where sellers took a deep breather, ahead of the continued deep move south. LTC/USD lost over 15% from that consolidation area to current levels.

Key Support

LTC/USD weekly chart

Looking to the downside, eyes are locked in on the price range of $35 down to $33. The LTC/USD pair had consolidated within this area from June to August 2017, before being off on its journey north. In September 2017 this demand area proved required support for the bulls to continue their stampede higher. A failure to hold here will be very punishing to say the least. LTC/USD could be forced back down to $29 territory. The price was last seen here in June 2017.

Upside Barriers

There are now some big challenges ahead for LTC/USD, if it wants to return to heightened levels. During this bear market observed throughout this year, price action has formed new areas of resistance. It has all been uncharted territory, and unlike the 2017 bull run, there will be barriers that need to be broken for greater upside. The gains seen last year were not too challenging to achieve, as there was no history there for the bulls to deal with.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
1 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 5 (1 votes, average: 5.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.4 stars on average, based on 55 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




Feedback or Requests?

Continue Reading

Analysis

Crypto Update: New Bear Market Lows Across the Board

Published

on

The key long-term breakdown in the cryptocurrency segment that we observed last week continued in earnest today, with most of the majors hitting new bear market lows amid another wave of heavy selling. Bitcoin dropped below $5200 for the first time since last October, Ethereum violated the key $160 level, Litecoin plunged below $38, with only Ripple and Stellar.

The post-breakdown bounce faded as we expected, and today’s broad selloff took the total value of the market below $175 billion, and for now, our trend model still shows and overwhelmingly bearish picture. With that in mind, traders and investors should still not enter new positions, with both the short- and long-term downtrends clearly being intact in the segment.                

BTC/USD, 4-Hour Chart Analysis

Bitcoin is testing last week’s spike low currently after giving back all of its post-crash bounce, and spiking to a marginal new low in the process. The most valuable coin is down by 5% today, and although percentage-wise BTC is outperforming the smaller coins (which are down by 10% on average), from a technical perspective, it’s also in a highly negative setup.

Bitcoin will likely test the key support zone just above the $5000 level soon, and given the segment-wide trends, a push below that is likely in the coming weeks, with the next key support zone found between $4450 and $4500, and with short-term resistance now ahead near $5650.

ETH/USD, 4-Hour Chart Analysis

Despite the weak positive sings last week, Ethereum is now under heavy selling pressure, and the coin has been leading the whole segment lower today, plunging below the key $160 level, and testing the $150 level too. The bearish long- and short-term trends are intact, and traders and investors should still stay away from the coin, as a move towards the next key support zone near $130 seems likely in the coming weeks.

Ripple Holds on Above Key Long-Term Support

XRP/USDT, 4-Hour Chart Analysis

Ripple continues to withstand the segment-wide selling pressure, and it remains the only major coin not on a long-term sell single in our trend model, while firming its spot as the second most valuable coin due to the persistent weakness of Ethereum. That said the short-term picture remains negative, even with the coin trading clearly above the key $0.42-$0.46 long-term support zone.

For now traders and investors shouldn’t enter new positions, but long-term investors should still hold on to their coins, even considering the strong bear market in the other top coins. Further support levels are still found near $0.375 and $0.355, while resistance is ahead at $0.51, $0.54, and $0.57.

LTC/USD, 4-Hour Chart Analysis

After being stuck below the $44 support/resistance level during the bounce, Litecoin, one of the leaders of the bear market, quickly violated the next major support level near $38, once again confirming its weakness. Now, a move to the next support zone near $34.50 seems likely, and given the coin’s relative weakness, traders shouldn’t try to catch the falling knife yet.

XMR/USD, 4-Hour Chart Analysis

While Monero has been holding on above its prior bear market low near $80 until today, the coin was already on a sell signal on all time-frames, and today, it plunged below the key level, due to the sharp selloff in early trading.

Should the breakdown hold, the re-test of the $60 support would be very likely as there is now other support level between the two major zones. With that in mind, traders and investors shouldn’t enter new positions here, and the declining trend is firmly intact in the coin’s market.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
4 votes, average: 5.00 out of 54 votes, average: 5.00 out of 54 votes, average: 5.00 out of 54 votes, average: 5.00 out of 54 votes, average: 5.00 out of 5 (4 votes, average: 5.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.6 stars on average, based on 398 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




Feedback or Requests?

Continue Reading

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending