Litecoin has Given a Buy Signal
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.
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 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 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.
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.