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Analysis of Stellar Lumens, Bitcoin, Ethereum, Monero, Litecoin and Ripple

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Analysis of Stellar Lumens, Bitcoin, Ethereum, Monero, Litecoin and Ripple

Introduction

Cryptocurrencies ready for a third wave?

This is not the time and place for an in-depth lesson on Elliot Wave Theory.  There are numerous websites that offer these lessons freely, and often times the teacher is more astute than I in this art.  If you are a trader, you owe it to yourself to learn this craft, as it is a great tool that is practical and true.  Can you imagine someone calling themselves a chef, but they never learned how to bake bread?  Traders should know some things, and Elliot is one of them.

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Per Elliot, all markets move in waves of 5. In a bull market there are three waves up, separated by two waves down.  The down waves are seen by traders as corrections or consolidations.  Wave 3 is typically much larger than either waves 1 or wave 5.  Elliot himself said that wave 3’s are often ‘awe-inspiring’.

I mention all this because I am of the opinion that the past few weeks most altcoins were in the early stages (wave 1) of a bull market.  Wave 1 (for many) has ended and a wave 2 has commenced.  Wave 2 was intense but short-lived.  In many cases (imho), Wave 3 has either already commenced, or will commence soon.  As insanely profitable as wave 1 was for many traders, the next wave might just be a story we will tell our grandchildren.   Stay alert…

Stellar Lumens

I note that XLM has made a series of higher highs and higher lows since it’s large selloff.  This suggests that the trend is once again up.  It’s cheap and could easily double in the near future.

Ethereum Classic

Ethereum Classic is still being cooped up by a 3rd arc.  It will get through it eventually, and we will look at it again when it does. (I see a higher high and a higher low.)

Ethereum

Ethereum turned up sharply and has penetrated the first arc  which has stopped it in the past.  It has since come back to test support.  I would not buy this yet, but wait for a close above the 2nd arc of the pair.

Litecoin

Litecoin is struggling within an arc pair.  When it breaks out it will go higher, but it may not get out soon. It could go lower first.  This is one to watch, not a buy today, imho.

Bitcoin

It is very hard to be bearish about bitcoin.  It seems like as long as the altcoins are in bullish territory there will be buyers for bitcoin.  BUT it is at an energy point and it is above the last setup, and it is very over-extended.  Be very careful if you are leveraged in this coin.

Monero

Monero is pushing it’s way through a 4th arc pair.  It is likely to get through it, but imho it is a good idea to wait for it.  It has “almost” made a higher high and a higher low, but not quite.  So watch it carefully.

Ripple

I see that Ripple, like Monero, has made a higher high and a higher low since it’s selloff.  This suggests the trend has turned up again.  The target here is 0.3.  However, we must be wary of the 3rd arc just above.

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 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 lcumiskey

    Posted on 7:04 am May 11, 2017.

    Hi Jim,

    Where do you think Ripple will be by Xmas?

    • user

      AUTHOR Jim Fredrickson

      Posted on 10:42 pm May 11, 2017.

      My charts don’t go that far out. Suffice to say though, higher than it is now 🙂

  • user

    AUTHOR MSNP05

    Posted on 7:43 am May 11, 2017.

    How to buy ripple in US ?

  • user

    AUTHOR Gabriel

    Posted on 7:55 am May 11, 2017.

    Interesting to see some evidence from the charts of what many people are hoping for. Fingers crossed and let’s see!

  • user

    AUTHOR acotph

    Posted on 9:16 am May 11, 2017.

    Hi Jim,

    How would you capitalise on the coming bitcoin correction? selling all BTC for alts?

    Thanks,
    Alex

  • user

    AUTHOR nuggets

    Posted on 9:19 am May 11, 2017.

    Stellar Lumens(XLM) same as Stellar(STR) ?

  • user

    AUTHOR thoth

    Posted on 9:20 am May 11, 2017.

    Thanks for this, I will have to check up on this Elliot waves, Stellar has been doing my head in for months. I hope your analysis is correct.

  • user

    AUTHOR tank3rs

    Posted on 9:51 am May 11, 2017.

    I think BTC has some way to increase first and I think all Alts will struggle until 2000USD/btc is reached.

    After this the graphs will be very interesting!

    • user

      AUTHOR eko6321

      Posted on 1:00 pm May 11, 2017.

      Yes i am totally agree your comment, since bitcoin not reached 2000usd all altcoin include ETH will struggle.

  • user

    AUTHOR eko6321

    Posted on 1:03 pm May 11, 2017.

    Hello Jim

    I am still very confusing about ETH do you think price will down to 75~80 usd? What is the best supporting levels? Thanks

    • user

      AUTHOR Jim Fredrickson

      Posted on 10:45 pm May 11, 2017.

      ETH will go up again, in a few days I suppose, but it seems like it’s the small caps time to shine now? XRP, XLM, etc

  • user

    AUTHOR xrolo24x

    Posted on 5:01 pm May 11, 2017.

    Thank you for the great analysis!

  • user

    AUTHOR unitednoobies

    Posted on 6:54 pm May 11, 2017.

    Hello,

    My question is this:

    What time-frame do you consider as short-term to long-term investment for the cryptos mentions in this article?

    Can you also list out the price range you will be executing as a buy signal?

    Thank you,

    • user

      AUTHOR Jim Fredrickson

      Posted on 10:48 pm May 11, 2017.

      if looking at a 15 minute chart, the setup is measured in a couple days. If a 3 hour, then the setup is looking at a week or so. But it is more complicated than that. Some setups cover a longer time.

  • user

    AUTHOR Ershad

    Posted on 8:40 pm May 11, 2017.

    Hi Jim,

    Thanks for your article, I wanted to ask should the third wave start, which alt coin do you think would be the most profitable? Also can you still see ETC reaching $15 after it passes $7.5?

    Kind regards,
    Ershad

    • user

      AUTHOR Jim Fredrickson

      Posted on 10:50 pm May 11, 2017.

      I like XLM and XRP today. We will see what tomorrow brings. ETC will not do much until it gets past resistance. There are better investments to be made in the meantime, I think.

  • user

    AUTHOR thoth

    Posted on 11:33 pm May 11, 2017.

    Awesome woke up to a sweet little XLM trade based on this. You just payed for a years worth of subscription and some. =) be nice if you accepted BTC as payment though.

    • user

      AUTHOR Jim Fredrickson

      Posted on 3:46 am May 12, 2017.

      I’m glad you did well. The best is yet to come. 🙂
      BTC donations are accepted 🙂 1FUq3GB1Q8zz2JpuBr7YHzVBKnaWoxgmya

      • user

        AUTHOR jarosatori

        Posted on 3:09 pm May 12, 2017.

        My subscription is paid as well for some years after following advices in this article. XLM is growing, ripple as well. Great job Jim. 🙂

  • user

    AUTHOR MSNP05

    Posted on 2:54 am May 13, 2017.

    Is it a good time to buy ETH and LTC after the big fall ?

    • user

      AUTHOR Jim Fredrickson

      Posted on 3:11 am May 13, 2017.

      It is selling season for most markets today. Its a good day to play golf, if you are unleveraged, and can be patient….

  • user

    AUTHOR MSNP05

    Posted on 3:19 am May 13, 2017.

    Thank you for guiding me here…also when the buy time comes I was to be ready to buy XLT…can you tell me how I can buy them as coinbase does not have that ?

  • user

    AUTHOR iamniks

    Posted on 7:53 pm May 13, 2017.

    Hey Jim, could you share some information about the tool you use for analysis (i mean the gann squre), rules and approaches so everyone here can think of cryptos by himself when you are away 🙂 It seems XRP passed through the energy point without hitting 0.3, am I right?

    • user

      AUTHOR Jim Fredrickson

      Posted on 10:11 pm May 13, 2017.

      My primary tool is the gann square developed by Eduardo Altman of gunner24.com. He has a free ‘howto’ on his site. It is a good place to start…

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