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Price Analysis of Bitcoin, Litecoin, Ethereum, Monero and Dash

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Price Analysis of Bitcoin, Litecoin, Ethereum, Monero and Dash

Introduction

This article was posted on Tuesday, 07:31, UTC.

Bitcoin

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Notwithstanding that brief drop last night on kraken (What the hell was that?  Did someone fat-finger an order????) it seems that the 4 hour chart is going to close above the 1st arc. If so, this will be both a buy signal on the the Gann chart, and also give us another “higher high”, suggesting that the trend has turned up.

Ethereum

Ethereum is challenging a medium-term fib spiral for the 2nd time in the past day.  While we have not yet been given a buy signal from this tool (as this is being typed), it would seem that one may be forthcoming soon.  Stay sharp.

Litecoin

As indicated in the weekend update, litecoin is approaching a likely turning point in the next week or so.  This is shown above in the Gann chart, which also indicates the challenge of the long-term resisting trend line (pink). Watch for a possible breakout soon.

Dash

As indicated in the weekend update, Dash ran into serious resistance. In the weekend update I suggested closing longs, if not going short.  Well, the tide has definitely turned since then.  When/if we see a close below the 1st arc (highly likely) we will likely see a fall to perhaps the 3rd arc shown below.  Wait for the close below the 1st arc before shorting though (imho).

Monero

With the exception of a brief penetration that failed, Monero has not been able to conquer a medium-term fib spiral.  It is not clear whether or not (the short-term) trend is higher or lower from here.  My play would be to take profits and wait to see a trend develop before opening another position.  Your mileage may vary.

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.

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.



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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 koonhuat

    Posted on 8:32 am March 21, 2017.

    Hi Jim, I find your analysis have been very accurate. Please share with us the charting website you used for your analysis so that we can monitor the prices and follow your recommendations. Thank you.

  • user

    AUTHOR Jim Fredrickson

    Posted on 1:53 pm March 21, 2017.

    I use Tradingview.com for my charts. I usually use kraken datafeeds since I trade there.
    TV.com is good, but their price scales are often inaccurate, and their tools, while better than most, are plagued by annoying imperfections they refuse to correct. The most annoying of all is an inability to manually set a scale that will not change, ever, unless asked.
    Kraken is a good exchange. Just wish they traded more of the altcoins than they do…

  • user

    AUTHOR nunogas

    Posted on 5:05 pm March 21, 2017.

    Hi Jim,
    Thanks for your analysis, which has been stunningly accurate.
    What are your thoughts on Zcash?
    Thanks again.

  • user

    AUTHOR petit dubousquet fabrice

    Posted on 1:11 am March 22, 2017.

    hello.
    I follow your analysis carefully and your daily work. Could you tell me how do you trace your support and resistance. Which platform do you use. Like this, it will allow me to follow carefully your work.
    Regards,

  • user

    AUTHOR mvppvm_07

    Posted on 1:44 pm March 26, 2017.

    As a relative noob to the trading choices I can leverage with digital currencies, I am unable to do much with the “trend” on these excellent numbers-based charting schematics. Why? Because the difference between traditional stock market trending that I’m accustomed to is usually measured in days, if not weeks but the “trend” for some of the more utilized currencies in the digital currencies market seems to move within hours, sometimes minutes. I recognize the risk of the swings but the variances are large enough to have me sense I’m in an options pit battling against robos, often at significant disadvantage.

    I agree with others who are impressed with the accuracy range of many of the charting tools you use but they have so far been mostly historical tools rather than forecasting tools. I suppose that as I get more familiar with the digital currency markets, I may have my own algos to complement what you’re doing but until then I’ll keep hoping that the toolsets like yours can offer more real time analysis (is that an oxymoron?). Thnx, though, for the insights you DO offer; I look forward to the analysis when it is available to compare against my limited view of the markets.

    (btw, I use the name digital currencies because I think the nerdie name ‘cryptocurrency’ keeps it from broader non-technical public acceptance, thereby suppressing value “from the bottom up”. Any opinions on stumbling blocks for using the easier-for-the-public-to-grasp name I use?)

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