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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.

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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.

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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 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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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

Cryptocurrency Analysis: Ripple Continues Rampage as Litecoin and Ethereum Enter Correction

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Ripple remained in the center of attention in the segment after breaking out to a new all-time high yesterday, and the coin almost doubled in value, climbing above the $0.80 level. The currency concluded a 6-month long consolidation pattern with the move after being the only major on a long-term buy signal in our trend model.

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XRP gave a short-term sell signal today, while turning neutral regarding the long-term setup. Investors now shouldn’t add to their positions, although further gains are still possible, and reducing holdings somewhat is a good idea here. Major support is still found at the prior high near $0.4250 and in the $0.30-$0.32 range.

XRP/USDT, 4-Hour Chart Analysis

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While Bitcoin stagnated, and Bitcoin Cash jumped, Ethereum, Litecoin, Dash, and IOTA has been drifting slightly lower, although the recent gains are still mostly intact, and the basic setup in the segment is unchanged.

Litecoin fell below the $300 level after yesterday’s consolidation, and the coin faced strong selling pressure in the latter half of the session. The currency remains extremely stretched regarding the long-term momentum indicators, and although the short-term uptrend is still intact, a deeper correction is likely in the coming weeks, with key support levels found at $125 and $100, and weaker levels at $260 and $170.

LTC/USD, 4-Hour Chart Analysis

(more…)

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Altcoins

Trade Recommendation: XMR/BTC Pair Throwback

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The XMR/BTC market (Monero) has been in downtrend on the hourly chart after posting a high of 0.0225 on December 6 and failing to hold critical support at 0.02. It went to as low as 0.0145 on December 8 before respecting RSI at 32 where it established support. The market used the new support level to rally and generate one higher low after the other. It recently attempted to reclaim support at 0.02 but was repelled by bears. Currently, the market is trading around 0.019 levels where it appears to have created another higher low.

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Technical analysis shows a large reversal pattern in the hourly chart that can take the XMR/BTC pair to 0.025. Even though the market failed to breach resistance at 0.02, investors should not see it as a failed breakout. What we’re seeing is a throwback which is a temporary retreat in price. Throwbacks are common in breakout plays and are often seen as a bullish signal. The next time the market attempts to breach 0.02 resistance, it has a much better chance of breaking it with conviction.

The strategy is to buy breakout at 0.02 with immediate stop at 0.0189.

Hourly XMR/BTC Chart on Poloniex

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As of this writing, XMR/BTC is trading at 0.018714 on Poloniex.

Summary of Strategy

Buy: breakout at 0.02

Target: 0.025

Stop: move below 0.0189 after buying breakout at 0.02.

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

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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Altcoins

Trade Recommendation: FCT/BTC Bullish Reversal

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The market reach its all-time high back in June this year when FTC/BTC (Factom) reached 0.01463162. Unfortunately, the pair wasn’t able to sustain its momentum. It created a lower high several days later at 0.01066744 which signalled investors to take profits or cut their losses. As a result, the market tumbled and lost 93.17% in value from its all-time high. Such a tremendous loss would have created an atmosphere of despair in the market. Usually, that’s when the savviest traders come in.

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Technical analysis reveals that the worst is behind the pair. FCT/BTC touched support at 0.001 on the daily chart twice and respected it on both occasions. This is a good indication that the market has found a reliable support level. In addition, hourly chart shows that a large reversal pattern is underway. The pair may have retreated when it nearly touched 0.002, but it generated a new higher low in the process at 0.00156566. The throwback is a bullish signal that enables the pair to gather momentum to break resistance at 0.002.

The strategy is buy on breakout at 0.002. Breach that level and the market reclaims 0.003. Sell that level because it is a strong resistance.

Hourly FCT/BTC Chart on Poloniex

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As of this writing, FCT/BTC is trading at 0.001738 on Poloniex.

Summary of Strategy

Buy: breakout at 0.002

Target: 0.003

Stop: move below 0.0018 after buying breakout at 0.002.  

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

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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