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Litecoin has Given a Buy Signal

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Litecoin has Given a Buy Signal

Introduction

This article was posted on Monday, 15:29, UTC.

So many altcoins have gone vertical in the past couple of weeks that I have had to adjust my scales in almost all cases, to accommodate the current stratospheric prices when compared to prices just a couple months ago.

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Litecoin

Here is the 3 hour chart for litecoin. As you can see, the 2nd arc, of the 2nd pair, stopped the rally and then stopped it on the 2nd test of the same arc more recently. However, barring an unexpected reversal in the next 10 minutes, price will finally close above the arc pair, suggesting a buy signal on the 3 hour chart. Resistance is seen in the $13 area.

Here is a look at a daily chart of litecoin. The daily chart has not yet given a buy signal, but price is very close to that first arc. Resistance is seen at ~ $13 here as well.

RIPPLE

Ripple stole the show a couple days back with a monster rally that took it very quickly to above the top of a setup on a 3 hour chart (Poloniex). This growth was clearly unsustainable and a pullback was overdue. We got one. However, my guess is that this asset will resume a bull market in the not-distant future.

DASH

Dash continues to disappoint it’s fans. Just yesterday I was hopeful that support would be found at the $60 area, but now it appears that the bear setup is in control, and price will retreat all the way to the 3rd arc pair of that setup, ~ $32 perhaps.

BITCOIN

Finally, let’s look at bitcoin.

Bitcoin has shown strength as it has rallied to the 2nd arc pair of a bull setup (shorter-term). The 1st arc pair has stopped the advance for now, but there is cause to watch this asset closely. If the rally gets going again, the 3rd arc is all the way up to ~ $1440.

Remember: The author is a trader who is subject to all manner of error in judgement. Do your own research, and be prepared to take full responsibility for your own trades.

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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 TexasPickEm

    Posted on 3:33 pm April 3, 2017.

    Ah-ha! Thanks, Jim. This has answered the question I asked on yesterday’s analysis article.

  • user

    AUTHOR parmmd

    Posted on 6:26 pm April 3, 2017.

    Hello. Can you please also comment on Ether. Thanks

    • user

      AUTHOR Jim Fredrickson

      Posted on 7:49 am April 4, 2017.

      The short answer is the chart looks weak today. I would wait a day or two because I suspect price will be lower. I will buy with both hands if it goes to $36.

  • user

    AUTHOR And

    Posted on 9:42 am April 4, 2017.

    Thank you so much Jim. I went long yesterday with LTC 🙂

  • View Comments (5) ...
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