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Analysis: Ethereum and Bitcoin Stole the Show

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Analysis: Ethereum and Bitcoin Stole the Show

Introduction

This article was posted on Friday, 07:53, UTC.

It was a busy day yesterday.  Bitcoin and Ethereum stole the show for the most part; they sucked money out of the other coins as traders tried to chase the trades.  For the most part, I can say that both those two coins went higher, and longer, than I would have guessed.  But speaking for myself, I would not buy either coin here.  They are both hyper-extended and grossly overdue for a correction, IMHO.

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Bitcoin

Bitcoin fell dramatically at the top of the setup above.  But that fall is not enough to correct the rise that preceded it.  It would need to fall back to the 1600 level to get me to buy it.  (Or, a new high would make me see I am wrong.)

Ethereum

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ETH touched a 5th arc at an energy point.  As in the case Bitcoin, this rally was excellent for those who caught it, but it is finished, IMHO.  It needs a significant correction before it can resume, I think.

DASH

Dash rallied hard to a 3rd arc pair before falling.  It likely will resume it’s advance shortly, with a target in the $200 area.

Litecoin

Litecoin was stopped by the top of square in this setup. It seems to have found support at 1st arc pair and will likely continue to rally here.  1st target is $36.

Stellar Lumens

Stellar Lumens fall was surprising.  I imagine it was a victim of selling to fund XBT and ETH trades.  In any case, it is almost at 3rd arc pair support.  If that support fails, 5th arc support is at ~ .2.  But the support might hold…

Ripple

As I tweeted repeatedly yesterday, Ripple was a classic study.  We watched it get squeezed by support and resistance, until support finally broke.  We then guessed that it might move down to “fill the gap” and then rally, which it did.

Since then, it has stumbled again, and found support at the 1×1 gann angle from a new bull setup, and a longer-term 1×3 angle (blue arrow).  However, as we tweeted yesterday, there might still be one last push down to ~ .18, to end this correction.  The good news is that Elliot Wave theory suggests that we are quite near the end of a wave 2. That means (if my count is correct) that a wave 3 is almost ready to begin. That is a very good thing, if true.  🙂

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.



Feedback or Requests?

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 sambkf

    Posted on 8:03 am May 26, 2017.

    What is your tweeter address I should follow for news ?

  • user

    AUTHOR Galois

    Posted on 9:19 am May 26, 2017.

    Hi Jim,

    I want to buy a PUT in bitcoin or ethereum to protect my shares.
    How can one trade options on cryptocurrencies?

  • user

    AUTHOR jurajf

    Posted on 11:14 am May 26, 2017.

    Hello, please, any thoughts on ETC?
    Looks like good time for me to add some of them on ~14 (50 fib lvl).

  • user

    AUTHOR Brandon010

    Posted on 12:28 pm May 26, 2017.

    Zcash still expected to rise to 350?

  • user

    AUTHOR s3bio

    Posted on 12:29 pm May 26, 2017.
  • user

    AUTHOR chrisuno

    Posted on 3:07 pm May 26, 2017.

    Jim, What’s the correction point that ETH would need to hit for you to buy again?

  • View Comments (7) ...
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