Monster rally in Dash and Zcash | Hacked: Hacking Finance
Hacked: Hacking Finance

Monster rally in Dash and Zcash

Introduction

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.


LATEST POSTS

Don’t Panic. Analysis of Zcash, Stellar Lumens, Litecoin and Dash 27th May, 2017

Analysis: Ethereum and Bitcoin Stole the Show 26th May, 2017

Analysis

Monster rally in Dash and Zcash

Posted on .
This article was posted on Monday, 23:53, UTC.

As you may have guessed, I receive emails every day from traders of all different stripes and persuasions.  I answer when I can, but often just short replies as time is a valuable commodity.  But there is a recurrent question that comes up, and the question is usually raised by traders I can sense are inexperienced.  They ask me when they should short this asset or that one…

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

My answer to that is one should never short a bull market, particularly if you are inexperienced enough to have to ask when to do it.

I have been trading for decades and I am afraid to short any of the coins these days.  We are in a major bull market, so the surprises will always be to the upside.  Look at that happened to DASH and ZEC yesterday. Oh my god… If you had been short either of those, even a stop loss may not have been enough to keep you from being wiped out.

I see that Bitcoin reversed yesterday EXACTLY at the time and price we had been forecasting for days.  I thought about shorting it because I could see the turning point coming, but I did not.  I was AFRAID to do so, knowing that there is so much money pouring into the coins these days.  As it turned out, after a brief fall, XBT reversed again, and made yet another new high.  Wasn’t I happy I wasn’t short!!

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

To summarize, there is a time and place to short.  May 2017 is not the time.  When you are experienced enough to know when to short, without asking anyone else’s opinion on the matter, then and only then will it be a good idea for you to trade the short side, IMHO.

DASH

What the hell happened here?????  I saw the test of support at the 1×2 angle.  I mentioned it in yesterday’s column, but this rally was just too much.  I can’t imagine how much money went into this market in a few hours to do this.  This was not mom and pop investors.  This was institutional money.  The game is changing. It’s not clear if there is more to come.  The rally stopped just above the top of the setup, and is currently just below the 5th arc.  We will have to wait and see.

// -- Get exclusive consultation for as low as $249 per month on MoneyMakers.com -- //

Zcash

The same thing happened to ZEC.  This is just insane.  To anyone who caught these monster rallies, my hat is off to you.  I had to change my scale to accommodate the rise in this coin.  At the present scale it seems there is more to go in this rally.

Ripple

Ripple remains stuck in an arc pair and can’t seem to get free.  An energy point approaches (red vertical line).  While I suspect the low is already in, it might yet fall to test the 1×2 Gann angle (blue arrow).

Happy trading!

 

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 [email protected]

    Posted on 11:58 pm May 22, 2017.

    Hi Jim, any thoughts on LTC? I am out yesterday at 24.5. It seems it’s not going down again. Should I buy in again at current price?

  • user

    AUTHOR Jim Fredrickson

    Posted on 12:04 am May 23, 2017.

    I bought LTC at near the low yesterday. I tweeted at the time that I thought the low was in. We will see…

    • user

      AUTHOR tudord

      Posted on 2:17 am May 25, 2017.

      Where do you post entries Jim?

      • user

        AUTHOR Jim Fredrickson

        Posted on 1:02 am May 26, 2017.

        I don’t post entries directly, since i don’t know traders timeframes for trading (amongst other necessary info). however i often tweet when I see a trading opportunity arise.

  • user

    AUTHOR Gabriel

    Posted on 2:03 am May 23, 2017.

    Buy low and sell high! It is reasonable to expect that other coins such as LTC and XMR may get similar breakouts, so just get in at a low price and hold tight 🙂

    • user

      AUTHOR iamniks

      Posted on 9:45 am May 23, 2017.

      It is impossible to expect =) Zec had a breakout just because JP Morgan integrated their technology this wasn’t a regular pump and dump

  • user

    AUTHOR unitednoobies

    Posted on 6:13 am May 23, 2017.

    Hi Jim,

    Where is XRP going after this steep correction? When do you expect a move up and to what target price point?

    All the best,
    Brian

    • user

      AUTHOR Jim Fredrickson

      Posted on 7:35 am May 23, 2017.

      of course, i might be wrong, but i am buying XRP here, target minimum of $1 over next several weeks or less i imagine.

      • user

        AUTHOR Jeremi Fisher

        Posted on 8:53 am May 23, 2017.

        I also have our target set around $1 on XRP. We have a feeling XRP will rally hard in the next week or 2

  • user

    AUTHOR amirheavy666

    Posted on 6:17 am May 23, 2017.

    jim what’s you idea about Augur (REP)?
    i think it go up ?agree?

  • user

    AUTHOR kochelli

    Posted on 9:21 pm May 23, 2017.

    Jim… where can I read about your geometric system? I understand it when you have the angles and arcs on the chart, but I don’t understand how you come up with them.

    What creates the arc pair? Is it timing that spaces the arcs or are there some other factors that create them? I’ve looked around at the site and I haven’t seen any information on them. I’m very interested in how you come up with them.

    Also, what are you using to draw the lines? I don’t really like any of the sites I visit for visualization but the ones you use are great. Are you generating those yourself or are you using another site? It doesn’t look like you are using Kraken for the charts.

    Thanks!

  • View Comments (13) ...
    Navigation
    The team:
    Dmitriy Lavrov
    Analyst
    Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years of trading experience. He covers Forex, Commodities and Cryptocurrencies. He is among the top 10 most Read More
    Jonas Borchgrevink
    Founder
    Jonas Borchgrevink is the founder of Hacked.com and CryptoCoinsNews.com. He is a serial entrepreneur, trader and investor. He shares his own personal journey on Hacked.com. // -- Discuss and ask Read More
    P.H. Madore
    ICO Analyst
    P. H. Madore lives in Arkansas with his wife and children. He has covered the cryptocurrency beat over the course of hundreds of articles for Hacked’s sister site, CryptoCoinsNews, as Read More
    Mate Csar
    Analyst
    Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive Read More
    Justin O’Connell
    Journalist
    Justin O’Connell is a cryptocurrency journalist who works have appeared in the U.S.’s third largest weekly, the San Diego Reader & VICE. // -- Discuss and ask questions in our community Read More
    Mati Greenspan
    Analyst
    Senior Market Analyst at Etoro.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Important: Never invest Read More
    Rakesh Upadhyay
    Analyst
    Rakesh Upadhyay is a Technical Analyst and Portfolio Consultant for The Summit Group. He has more than a decade of experience as a private trader. His philosophy is to use Read More
    Pamela Meropiali
    Account Manager
    Pamela Meropiali is responsible for users on Hacked.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Read More
    Joseph Young
    Journalist
    Joseph Young is a finance and tech journalist & analyst based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering Read More
    Australian-born Michael Dunworth, CEO of Silicon Valley-based blockchain Wyre, has…