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Analysis of Ethereum, Bitcoin, Monero, Zcash, Litecoin & Ripple

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Analysis of Ethereum, Bitcoin, Monero, Zcash, Litecoin & Ripple

Introduction

This article was posted on Saturday, 11:17, UTC.

Ethereum

Ethereum continues to drift downwards as it bounces off 2nd arc support. It still paints a (relatively) bullish long-term picture, because it is on the sunny side of the arc pair, and above the 1×1 Gann angle (blue 45 degree line).

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My guess at the present is that this will continue for a couple more days until it hits the 1×1 line at ~ $38. If so, IMHO it will be a good buy. However, if it should close below that point, that would be quite bearish. So, that would be a good place to put a stop loss, (imho).

Litecoin

Litecoin’s chart is a thing of beauty. It responded to the setup like Ginger Rogers in the arms of Fred Astaire. Note hos that advance was largely contained by the 4×1 and 5×1 Gann angles. The correction was (so far) contained by the 2nd arc support.  It seems that there is still a day or two to wait for this coin to finish correcting.

My expectation is that 2nd arc support will continue to hold, but since we never know for sure, a stop loss below the arc might be a wise move.

Bitcoin

In our last column we noted that it was an energy day for bitcoin. Price was sitting below the 1st arc pair and I suggested caution. However, the coin took that energy and burst convincingly through the resistance. While the 2nd arc pair is at $1250, my guess is that a better profit target is the 3rd arc pair at $1440.

Monero

Monero has been trading sideways for a while now. Looking at the bear setup, which seems to be in control, my guess is that there is still a few days of sideways to down movement to contend with. I imagine I speak for all traders when I say that I hate trading sideways markets. Traders get eaten alive if they get caught up in that. In the event of a selloff to ~$17 the 3rd arc pair will be hit, and that might be a good buying opportunity.

Zcash

As mentioned in an earlier column a few days back, Z cash (ZECUSD) is my favorite trade right now. On both long and short term time-frames pricetime has closed above resistance.

As you can see, there are 2 setups in this chart. There is a large 2nd arc (green) that price has just closed above, and also, a smaller, shorter-term setup wherein price just closed above the 1st arc. I have a feeling that this market will go quickly to triple digits. We will see.

Ripple

Ripple is my 2nd most favorite coin at this time. It has broken through short term resistance, and is very close to longer term resistance. I would not be at all surprised if we see a test of the ATH in the next week.

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

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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Jim Fredrickson

Jim Fredrickson

Jim 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.

Comments
  • user

    AUTHOR DamonEvans

    Posted on 1:32 pm April 8, 2017.

    Thanks for the technical analysis. It would be great if we could also have a primer on each crypto coin. What are they about? Why would there be demand for them? Will they still be around in two years etc? While I’m familiar with Bitcoin it would be interesting to hear hacked.com’s thoughts about the alt coins

    • user

      AUTHOR Jim Fredrickson

      Posted on 1:27 am April 9, 2017.

      That would be an interesting article, though I am not the person to write it. My understanding of the technical aspects is sparse. I do however believe they represent the great hope of humankind; to free us from the endless cycle of debt and servitude which fiat currencies have imposed on us in our ignorance.

  • user

    AUTHOR And

    Posted on 5:52 pm April 8, 2017.

    Thanks Jim!

  • user

    AUTHOR parmmd

    Posted on 12:02 pm April 9, 2017.

    What stop would you recommend for Zcash since it has crossed 70 now? Thanks.

  • user

    AUTHOR lake.landonb

    Posted on 1:24 pm April 9, 2017.

    Man you rock! Glad I subscribed when I did. This article hooked me up

  • user

    AUTHOR [email protected]

    Posted on 11:39 pm April 9, 2017.

    Hello Jim,

    Can I enter the Zcash now since it’s back from 72 and now trading in the range of 63 since 4 hrs again?

  • user

    AUTHOR Jim Fredrickson

    Posted on 1:36 am April 10, 2017.

    I remain very bullish on Zcash, ripple and a host of other coins. This week looks like it will be very exciting for crypto traders.

  • user

    AUTHOR [email protected]

    Posted on 2:00 am April 10, 2017.

    Thanks a lot Jim. You are awesome.

  • View Comments (9) ...
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