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Cryptocurrency Analysis of Litecoin, Dash, Monero, and Ethereum Classic

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Litecoin

Litecoin is testing a 3rd arc on the 3 hour chart as we speak. This is hardly a buy signal, but if it gets through the arc, we will likely see a rally over the next week or so to ~ $25. There are 2 energy points due later in the day. It is possible that the coin will break down. But in this era of a seemingly endless supply of money flowing into cryptocoins, it is more likely it will break upwards. Watch it closely.

DASH

This is another coin pushing through an arc pair. This is a 2nd arc pair, which is the widest of the pairs, so it could take another day or two to work it’s way through. When the next rally starts, the next arc is ~ $100. Watch this one too.

ETC

This was a sleeper that I missed. I looked at it a week or two back and mentioned/noticed that it had quietly doubled. But I wasn’t watching it carefully, so I missed a run that doubled again.  However, we can’t catch them all, and we should not even try. The dog that tries to catch two rabbits at the same time catches neither of them.

A 5th arc was hit (yellow highlight). It is time for this coin to correct, as it has already begun. I imagine it will correct at least to the 3rd arc of the bear setup. That support is ~ $5.50

Monero

Monero has penetrated the 1st arc of a 3rd pair. This is bullish, but a buy signal will not be generated until it exits the pair with a green candle on the other side. That could be several days away, at most.

Friendly Advice

Many of you traders out there, even the newbies, have made a ton of money these past few weeks, as virtually every coin is in a bull market. My advice is do not think you are a genius. Anyone can make money in a bull market. Look at all the day-traders who made a killing in the 90s trading tech stocks. They drove BMWs right up until March 2000 when they lost their homes to foreclosure and begged for their old jobs back. If we ever start to think the only difference between ourselves and superman is a cape, we are doomed to a heartbreaking loss at some point in the not-distant future.  Bull markets come to an end eventually. Was it Warren Buffet who quipped that is at low tide that we see who has been swimming naked? Wise words, whoever said 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.

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.

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5 stars on average, based on 1 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.




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17 Comments

17 Comments

  1. Ershad

    May 3, 2017 at 8:16 am

    Hi Jim,

    Thanks for your article, what would you recommend and good buy price for LTC?

    Kind regards,
    Ershad

    • Jim Fredrickson

      May 3, 2017 at 9:32 am

      I think its going to $25 on this swing. As for best entry price, I think that $15 would have been great 🙂

  2. maleshkov

    May 3, 2017 at 9:07 am

    Hi Jim, please update us about Xrp coin trend as well. We will appreciate also analysis for other alt coins, who show some hidden potential. Thank you

  3. adspecialty4u

    May 3, 2017 at 12:54 pm

    I took the advice of a friend and cashed out my initial investment. He was involved in the “dot.com” market and lost everything.
    So glad i listened, now i dont have to constantly OCD over hard fork, core vs. unlimted, and the other issues in the cryptocoin community.
    My profits are now working for me.
    And best of all, i’m paying off my new car next week with ETH surge.
    Btw, my car purchase two years ago was necessary for my company. Then my industry saw a severe decline and i too was living “in the bubble” before it burst.
    I am thankful for your advice with ETH. You helped me make alot of money.

    • Jim Fredrickson

      May 3, 2017 at 1:27 pm

      I’m glad to hear you did well. Keep it up 🙂

  4. And

    May 3, 2017 at 8:43 pm

    Thanks Jim! Are there any signals that LTC can continue to run over 25 $.

  5. eko6321

    May 3, 2017 at 10:49 pm

    Hello Jim

    I am not agree about your etc chart , etc will not down to 5.50usd.

    But your ltc comment was pretty good however I can’t see it will down 15usd.

    Thanks for your advice.

  6. Jim Fredrickson

    May 3, 2017 at 11:30 pm

    Yes, $15 was a joke, that was the reason for the smiley face.

    • eko6321

      May 4, 2017 at 5:02 pm

      Aww Sorry it is my mistake 🙂

      Your first Ethereum Chart was amazing i am still following your first chart and so far perfect!

      Thanks

  7. spicyer

    May 4, 2017 at 4:53 am

    Hi Jim, your friendly advice will hopefully help a few “superpersons” keep their success in perspective……I’m curious. I have btc, ltc, eth, xrp and fct all at their costs from early March and plan to hold potentially for years. Do you see fault in that?

    • Jim Fredrickson

      May 4, 2017 at 9:07 am

      God no… this bull market may last a very long time. Good luck …

  8. jarosatori

    May 4, 2017 at 11:08 am

    Hi Jim, what do you think about today rally of Ethereum. Where it’ll stop? Btw. good job with Litecoin prediction. It was quite accurate 😉

    • Jim Fredrickson

      May 5, 2017 at 12:29 am

      I’ll cover eth in today’s column. It’s likely going much higher.

  9. moises_benzaquen

    May 4, 2017 at 6:34 pm

    Hi Jim, thank you very much for your analysis! I’ve followed some of your advices!

    1) How far can the activation of Segwit impact the value of the LTC coin? (if things go well).

    2) And for the news in ETH (they seemed to keep coming over the next weeks).

    3) By looking at most cryptocurrencies, they are all on the rise, what recommendation on splitting our investment would you give?

    I used to have 100% BTC, then -> moved 100% Ethereum -> 2/3 ETH, 1/3 LTC -> 1/3 ETH and 2/3 LTC (Current). So far, it’s been good..

    Your analyses are the reason I joined this place, thank you!

    • Jim Fredrickson

      May 5, 2017 at 12:32 am

      Thank you for the kind words. Your question seems like a metter of preference to me. For me, if I am a buy-and-hold investor, putting money in 5-10 assets seems like a good idea. But if a trader, getting in and out on a regular basis, I am not smart enough to track 5-10 charts at the same time. When trading I keep everything in just 1-2 assets at a time. But that’s just me. Good luck.

  10. eegedegbe

    May 5, 2017 at 2:50 pm

    Hi Jim, many thanks for your analysis. They have been so helpful to me.

    Pls l invested in monero and its beginning to rise. Hw far do you think this rise will go and whn do u advice l pull out?

    • Jim Fredrickson

      May 5, 2017 at 11:26 pm

      Good job. Monero is up 50% in the last week or so. $40 seems reasonable in the not-distant future. we will see…

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Analysis

Crypto Update: Bitcoin Blows Through $7000 but Altcoins Still Lag Behind

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The relief rally in the cryptocurrency segment continued in earnest today, as Bitcoin still lead the way higher posting its best daily performance since April. The most valuable coin stole the show, although the whole market blasted higher, with the total value of the coins getting close to $300 billion, up by around 20% in a matter of days.

While the segment is still not out of the woods, BTC triggered a short-term buy signal in our trend model, as it overcame major resistance levels for the first time since May, finally showing some technical progress. That said, most of the majors are still stuck in, or right at the top of their trading ranges, and besides Bitcoin, buy signals are few and far between even considering the smaller coins, as correlations are still very high.

Trading volumes were also the highest in months, as especially Bitcoin triggered automatic orders while surging through several strong resistance levels. Bulls would still need further coins to join the break-out and fro now the long-term setup is still just little changed.

BTC/USD, 4-Hour Chart Analysis

BTC cleared the $6750, $7000, and $7350 levels in a bit more than an hour, and the epic short squeeze settled down near the latter resistance, for now. The coin is now on a short-term buy signal, and should a higher low form in the coming days, a new short-term uptrend could be established.

The coin needs to stay above the $7000 level to keep the signal intact, and given the relative weakness in Altcoins, the long-term outlook is still mixed. Resistance is now ahead between $7650 and $7800, while further support is at $6500.

Ethereum at $500 as Ripple Tests $0.51

ETH/USD, 4-Hour Chart Analysis

While Bitcoin is already above primary resistance, Ethereum is trading right at the $500 level, leaving the short-term trading range intact. The coin is close to triggering a buy signal, but it remains relatively weak and traders should wait for follow-through before playing a possible trend change. Primary support is still found at $450, with other levels at $420, $400, $380, and $360, while further resistance is ahead between $555 and $575.

XRP/USDT, 4-Hour Chart Analysis

With all of the majors registering large gains, and even some the recently weak coins like LTC, XRP, and Dash are trading near key resistance levels, further short-term buy signals could pop up in the segment, but until a confirmed new uptrend, traders should remain cautious with new positions.

As an example, Ripple is trading slightly above the $0.51 resistance currently, but a break-out is not yet confirmed, and the trading range remains dominant. Further resistance levels are ahead at 0.54 and $0.575, while support is now found at $0.49 and $0.45.

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.

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4.6 stars on average, based on 293 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.




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Altcoins

Altcoins ADA, BAT, XLM, ZEC and ZRX Enjoy a Coinbase Pop

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The Ethereum price wasn’t able to hold onto its gains today despite seemingly marching toward the $500 level on Monday, as market technicians have predicted that the downward trend remains intact despite yesterday’s rally. Meanwhile, daily trading volume in the cryptocurrency market is hovering at about $13.8 billion compared to its 2017 peak of more than $50 billion, as per CoinMarketCap data cited in reports.

The more trading in digital currencies, the higher the revenue of bitcoin exchanges like U.S.-based Coinbase, which incidentally is in the process of adding a handful of altcoins. While it may seem that Coinbase’s answer to the weaker average trading volume these days is to bolster its platform with more coins, a leading exchange executive said that’s not the case. Coinbase Vice President and General Manager Adam White told CNBC that customer demand fueled the decision.

“Certainly volumes today are lower than they were at the end of Q4 and January. The idea behind adding new assets is very simple: our customers want it,” White said, adding that more than 20 million individuals are signed up on the exchange in addition to institutional investors, the latter of whom are demonstrating “unprecedented” interest in the space.

The assets that Coinbase is moving toward adding include Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC) and 0x (ZRX). And while these coins are likely to be directed to the exchanges indexes, their presence does not reflect a bullish position on the part of Coinbase, White noted. Nonetheless, let’s take a look at each of them.

Cardano (ADA)

eToro exchange just published a report focused on Cardano, referring to the smart-contract-fueled platform as “Blockchain 3.0.” Cardano remains in the nascent stages but it’s designed to pick up where the Bitcoin and Ethereum networks fall short on scalability. ADA has advanced about 13% since Coinbase’s Friday announcement. But Cardano has shed more than three-quarters of its value since the beginning of the year.

Basic Attention Token (BAT)

Basic Attention Token describes itself as a “blockchain-based digital asset” startup. BAT is advancing more than 4% today and has been among the top performers since Coinbase announced plans to add the coin. BAT has added 33% to its value since the Coinbase announcement.

Stellar Lumens (XLM)

Stellar is advancing about 1% today and has tacked on about 28% since the Coinbase announcement. The coin also got a boost when the SEC Thailand said that Stellar would be an acceptable form of payment by iPO issuers. A Stellar follower on Twitter joked that soon XLM would be accepted at every McDonald’s.

Zcash (ZEC)

Privacy coin Zcash is up almost 2% today and its value has ballooned by 22% since the Coinbase announcement. ZEC was also added by fellow U.S.-based cryptocurrency exchange Gemini in recent weeks, so it has the tailwind of both listings.

0x (ZRX)

The thing about 0x is that it already had a relationship with Coinbase ahead of the listing announcement. So much of the enthusiasm for a listing may have already been baked into the price. ZRX is shedding some ground today, down about 1%, but it’s up about 48% since last week.

Disgruntled XRP Investors

Coinbase was accused by some XRP investors, a community that has been waiting for their Coinbase day in the sun, of price manipulation in the altcoin the exchange announced it’s exploring now.

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.

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4.6 stars on average, based on 23 rated postsGerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.




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Altcoins

Dogecoin Price Surges 20% After Robinhood Listing

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Dogecoin has been one of the day’s biggest movers, climbing 20.8% and trebling its daily volume in the process.

Given that we’re dealing with DOGE, we’re going to have to make full use of our decimal places. This time last night one DOGE coin was trading at a price of $0.0024. Fast forward 24 hours and its value now stands at $0.0029 – that’s a 20.8% growth which has come fairly steadily over the last day, except for the brief spike which sent it to $0.0027 at 6pm (UTC) last night.

Today’s movement puts Dogecoin at 31.8% gains for the week, based on the $0.0022 starting point seven days ago.

Looking at DOGE’s monthly numbers, we see that it has now returned to the monthly high with its breach of the $0.0029 mark today. But as is always the case at this stage of a market downturn, such numbers require to be placed in the larger context. Three months ago, during the mild peak of April, one DOGE was worth $0.0058, meaning that even with today’s growth factored in, Dogecoin is still down 50% over the last 90 days.

Robinhood and DOGE

Recently launched crypto exchange, Robinhood, added Bitcoin Cash and Litecoin just last week, and now a press release has dropped which signals Dogecoin’s integration onto the Robinhood platform. As stated in the release:

“Starting today, you can invest in Dogecoin on Robinhood Crypto, commission-free. With last week’s announcement of Litecoin and Bitcoin Cash, you can now invest in five different cryptocurrencies on Robinhood.”

Robinhood is a U.S based exchange which offers compatibility with stocks and ETF trading, as well as cryptocurrencies. The service is only available in the U.S at the moment, but has not yet been rolled out across all states. According to Robinhood they are currently working on extending their reach beyond the current 17 states they have already.

“We’re working hard to make Robinhood Crypto available to everyone, and it’s currently available in 17 states: AZ, CA, CO, FL, IN, MA, MI, MS, MO, MT, NJ, NM, PA, TX, UT, VA, and WI.”

Beyond the Meme

Everyone will be somewhat familiar with DOGE’s humble beginnings in the crypto space, and many initially derided it for its seeming silliness and triviality.

Yet the community at large thought differently, and eventually DOGE grew in stature to become a regular fixture in the top-100 coins, and has taken its position just in front of the fire in the cryptocurrency living room.

During January’s peak DOGE reached a market cap of over $2 billion and a price of $0.0178. DOGE’s 11 billion circulating supply contributes to keeping its relative value down, but Dogecoin has often popped up as the most transacted cryptocurrency in existence at certain times, although not necessarily the most valuable.

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.

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4.4 stars on average, based on 23 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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