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