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.
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.)
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 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 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 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…
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.