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Analysis: Watch Litecoin again

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Analysis: Watch Litecoin again

Introduction

This article was posted on Thursday, 07:03, UTC.

Litecoin

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Litecoin has successfully closed above the arc that had been dragging it down.  I believe the low is in and a rally will ensue to at least $40.

Stellar Lumens

Stellar Lumens had had a huge advance, stopped not once but twice by the top of this setup. We are now below the 5th arc again, and just below (at?) the 2×1 angle which has provided support since the rally began. We are sitting on an energy point in time (red vertical line). This is not a buy here.  At best it is a hold.  Traders sitting on huge profits might consider taking some profits here.

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Ripple

Wow. Words can hardly express.  In hindsight, the gap up (highlighted in yellow) should have clued me in that a monster rally was beginning.  A close above the 3rd arc pair prompted me to tweet that “the rally has legs”. While true, that tweet understated the emerging situation.

The rally stopped at the 5th arc and a rather violent reversal ensued.  What’s next now that the coin has regained most of that correction?  We will need to see if we can get a close above the 5th arcs to know.  IMHO it is a hold here for now, though as in the case of XLM, traders sitting on huge profits might take some profits here.

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DASH

In our last column we expressed hope that DASH might finally get free of the arc, but that hope was not realized.  It is still stuck to the arc like it was glued there.  However, the top of the square is just below.  This has provided repeated support in the past, and will likely do so again.

Ethereum Classic

This chart is littered with arrows showing how this chart has respected the setup above. A few days ago, when that long green candle crossed the 3rd arc, I thought that the arc was defeated.  It faked me out with that long wick that touched the 1×1 well above the arc. It was a reminder to wait for a close above the arc.  Pricetime pulled back to the arc before the close, and has been stuck in the arc ever since. We are at an energy point again.  Will it break free now?  Maybe so, but let’s wait for a close on the sunny side of the arc before we buy it.

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.

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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 chorez

    Posted on 8:09 pm May 18, 2017.

    What do you think of XEM? will the rise continue? It seems to have a good support level at 0.00009

  • user

    AUTHOR Crytokings

    Posted on 9:02 pm May 18, 2017.

    Jim, your chart analysis and tweets have been invaluable to me since subscribing to hacked.com Thanks for your wise and careful examination of the multitude of alt coins!

  • View Comments (2) ...
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