Hacked: Hacking Finance

Analysis

Ethereum, ETCUSD and ZECUSD looking tired

Posted on .

Ethereum, ETCUSD and ZECUSD looking tired

Introduction

In my last column I suggested that ethusd would be going higher.  If you take a look at the picture I sent in with that column, you can see that at that time, pricetime was at the high point indicated by the red arrow in the picture below. Price was above the 2nd of the 4th arc pair.  This is an excellent indication of the way markets can fool you. It becomes clear why it is important to wait for the close above resistance.  As you can see, the market reversed after the column was written, and the candle closed below the arc.  That was a red flag that caused me to close my position.  If you are following me on twitter, then you got my tweet suggesting that it was a good time to take profits.

// -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- //

Even though we since had a couple of closes above the arc, I am not yet convinced the rally has resumed.  This could still be the beginning of a larger correction. I say this because the arc is a natural place to stop an advance.  The other reason is that the black vertical line looming to the right of pricetime is the end of a smaller setup.  The end of a setup is often a time of reversal.  I would not buy this market here, and would in fact move my stop losses in very tight.

Just my opinion, of course.  But while I had been expecting this to be a great week, it could indeed be a great week, for the bears…  Be careful…

ETCUSD and ZECUSD have both hit 5th arcs and end of setups.  They look like they might be ready to correct…

Litecoin on the other hand issued a buy signal.  I tweeted that last night, when the (circled) price closed above the first arc. Targets are $17.50, and $20, though it would behoove traders to wait for a close above the 1st arc of the 2nd pair at least, before buying here (for reasons discussed above in the paragraph on ethusd).

 

 

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 1:45 pm April 30, 2017.

    Yep, yesterday after reading your post I jumped onto ETH at 62€. However, I quickly reverted and transferred onto litecoin since ETH seemed to have topped.

  • user

    AUTHOR Ershad

    Posted on 2:06 pm April 30, 2017.

    Hi Jim,

    Anything on XRP has the rally stopped?

    Regards

  • user

    AUTHOR And

    Posted on 6:44 pm April 30, 2017.

    Jim, should we re-enter ETH (it is $74+ on kraken)? Thanks!

  • user

    AUTHOR Jim Fredrickson

    Posted on 11:58 pm April 30, 2017.

    i would not buy eth right now. there is an end-of setup due very soon. if already long, I would tighten up the stops…

  • user

    AUTHOR Micheltremblay

    Posted on 12:40 am May 1, 2017.

    HI Jim!

    Good work!

    this is not TA related but more perspective. How far in price do you see ETH go over 5 years?

    • user

      AUTHOR eko6321

      Posted on 8:21 pm May 1, 2017.

      Hi Michel

      I think next 5 years price will be at least 2000usd and Bitcoin will be around 20000usd

      This my own guess, but there is no warranty for anything! maybe next 5 years later all cryptomoney disappear 😉

  • user

    AUTHOR Parentesi

    Posted on 4:08 am May 1, 2017.

    I left Etherium in and bought more at 72… from my Litecoin. risky and lucky I say.

  • user

    AUTHOR MSNP05

    Posted on 5:04 am May 1, 2017.

    The purchase i make using coinbase takes 5-7 days to reflect… so it is tough to exit for me.. Is there another brokerage thru which i can trade cryptocurrency almost instantly ?

    Also, i purchased mine at $52, $62 timeline and i see you are recommeding to sell which i cannot until Thursday .. so whats your suggestion.

    Also – how do i trade litecoin ?

  • user

    AUTHOR adspecialty4u

    Posted on 10:26 am May 1, 2017.

    Sold at 82.50. Was a wild ride yesterday 🙂

  • user

    AUTHOR tmjaswani

    Posted on 3:22 pm May 1, 2017.

    Hey JF it seem ETH buckled the charts and your prediction..what a ride..

  • user

    AUTHOR Gabriel

    Posted on 6:15 pm May 1, 2017.

    Wow, good call there!

  • user

    AUTHOR eko6321

    Posted on 8:17 pm May 1, 2017.

    Hello Jim

    Do you think ETH will get crush ? If yes what will be min. Price

    Thanks

  • View Comments (13) ...
    Navigation
    A couple of days ago I wrote my reflections around…