Bitcoin gave us a buy signal on the daily chart an hour ago, when price closed above the 4th arc. This is a pleasant surprise. The next target is in the $1440 area, though longer term the target is closer to $1600.
Ethereum continues to move sideways through an arc pair on the 3 hour chart. If it continues to move sideways it will exit the arc pair ~ the 23rd. I suggest waiting for the buy signal, even if it means buying at a higher price than you could get today.
Zcash should be watched carefully, It is following an arc pair downwards for the past several bars. But sooner or later it will break free of the arc and when it does a rally to at least the mid 80s will likely ensue.
Ripple bounced off of Gann Fan support the other day. Did that arc provide the spark for this coin to awake from it’s slumber and sideways movement? Time will tell, but I suspect so. There is an energy moment coming tomorrow. It’s too early to say if it will be an acceleration to the upside, or if it will hit the arc at 417 at that time.
As you might imagine, I get emails and chat messages all the time. A recurrent theme is angst from traders who have lost money due to any of a myriad of possibilities. Greed and fear are almost always at the root of the problem though.
- Anxiety stemming from both fear and greed can be minimized to some extent by simply trading unleveraged. It means making money (in a good trade) slower of course, but the upside is you no longer have the fear of margin calls eating away at you. You can’t be so easily tricked into selling at the worst time by professional traders who are running the stop losses, or by playing games with the order book. If you are not yet an expert trader, consider foregoing leverage until you know what you are doing.
- If you are in a winning trade, take some money off the table as you are winning. I got a heartbreaking chat last month from a friend who got in on the eth trade early, was making a killing, but failed to take any money off the table, even at $52. He lost everything in the panic selling that ensued. A margin call took him out at the worst time. His trading account was wiped out… I felt for him, as I have made the same mistake more than once.
If you are trading, you are playing poker with guys who know this business very well. They fully intend to take your money. Don’t ever forget that.
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.