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Analysis

Trading Analysis: Bitcoin, Litecoin, Dash, Ripple, Ethereum, Stellar Lumens & Zcash

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Bitcoin

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Bitcoin continues it’s epic run toward $2100.  I note that there is an energy point on the daily chart tomorrow, and that a 5th arc is in plain sight at $2100.  Traders might want to take some profits there.

DASH

In our last update we identified the top of the square (highlighted) as likely support, and indeed it was.  Target of $96 seems reasonable at this juncture.

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Ethereum Classic

In our last update we identified the area highlighted in yellow as a likely turning point.  Note that this coin entered a long-term arc pair a couple weeks ago, moved sideways, and just exited the pair.  This is pretty bullish, IMHO.

Ethereum

In the recent past we pointed out that the 2×1 Gann angle (red) has provided pretty good support for some time now.  It has done so again. A target of $104 now seems reasonable.

Litecoin

In our last column we highlighted Litecoin as one of our favorite trades.  We tweeted that the area highlighted in yellow was a buy. At this point it seems likely that the 1st arc pair will yield in short order.  The next energy point  in a few days suggests a $40 target is reasonable.

Stellar Lumens

Stellar Lumens remains a favorite trade, despite the fact that it has been overshadowed by its XRP sibling. As you can see, it is on the cusp of exiting an arc that has been holding it back for a few days. Mind you, it has not yet closed above the arc yet! If it gets through the arc, it could go to .08-.1 from here.

Ripple

I’m sure everyone here knows that Ripple had a great week.  The fact that it has re-penetrated the arc that knocked it down is mildly bullish, though the top of square is resistance.  However, it could conceivably take a few days get through the arcs before it can mount a serious advance again.

Zcash

ZEC has been traversing a long term arc pair, sideways, for a couple weeks. An energy point is at hand, and the end of the arc pair is also close by.  When it touches the arc it will make a choice – while my guess is it will break upwards, I suggest waiting for confirmation.

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 (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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8 Comments

8 Comments

  1. MSNP05

    May 19, 2017 at 3:40 pm

    Ethereum is at 112 …do you recommend holding or selling ? Your analysis have been so valuable to our family. Thank you so much.

    • Jim Fredrickson

      May 19, 2017 at 11:00 pm

      Long term it is still a great hold. Short-term traders should take profits here.

  2. Joshnj82

    May 19, 2017 at 10:21 pm

    Jim, are you still expecting LTC to surge or does the last session give reason for hesitation? I only ask b/c most majors did well while LTC was flat and left behind.

    • Jim Fredrickson

      May 19, 2017 at 11:03 pm

      Yes LTC has been mildly disappointing. I still expect it to do well in the not-distant future, but wish some of my TC holdings had been in ETH the past 2 days instead. Oh well, there will always be another trade tomorrow.

  3. Joshnj82

    May 20, 2017 at 12:16 am

    I appreciate the response Jim and hope LTC got the memo that she’s supposed to move up not down. Let’s hope she’s just a bit slower than her friends. I also wish to receive a mulligan for the day and join in on the ETH party I completely missed. Unfortunately, I used up all my mulligans on last round on the course and don’t think exchanges offer them anyway 🙁 Let’s hope this time tomorrow I’m writing a celebratory response and a salud of cold ones. Enjoy the weekend good sir.

  4. xrolo24x

    May 20, 2017 at 6:38 am

    Thank you Jim. Wondering if your team can do an analysis on the Bancor ICO. We curious about it

  5. jacobss

    May 20, 2017 at 9:23 pm

    hi Jim,
    You are fantastic and I have been investing a lot based on your analyses.
    Very, very, very favourable for me.
    Where do you get these diagrams from, can I get life updates. Now I print them out and put lines in them myself.
    I wish I had access of them any time of the day.
    Thanks for all you great analyses and please keep on doing this.
    Jack

    • Jim Fredrickson

      May 20, 2017 at 11:21 pm

      Follow me on twitter (@jimfred1276). I often tweet if i see something happening in real-time. I will be launching a new service in the near future.

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Analysis

Technical Analysis: Bitcoin Hits First Correction Target as Volatility Reigns Supreme

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The violent correction that created a full-on panic in the cryptocurrency segment continues to unfold in a rather orderly way from a technical standpoint, reflecting the extreme nature of the preceding rally. That said, the percentage losses in some of the coins are huge, and the collapse of Bitconnect accelerated the process, spreading uncertainty among investors, and sentiment quickly got bleak.

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Bitcoin remains in the center of attention, and the most valuable coin finally breached the $10,000 level today, causing another strong wave of liquidation in the majors, that could be the base of a more durable bottom, and a consolidation in the coming days after the crazy last couple of days.

The coin is now oversold from a short-term perspective, and although further losses are likely before the end of the cycle, given the still only neutral long-term momentum readings, a counter-trend move is possible in the coming days. Below, $9000, strong support levels are still found at $8200 and near $7650.

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BTC/USD, 4-Hour Chart Analysis

Altcoins got slaughtered in the two-day crash with Ripple leading the way lower, while Ethereum also lost its relative strength amid the broad sell-off and its recent trendline break. ETH got close to the next major support level at $740 during today’s move, and as the short-term momentum is now oversold, a bounce to the zone around $1000 could be ahead. We still expect the correction to continue in the token, as the long-term momentum remains overbought, with key support at $625 and near $575.

ETH/USD, 4-Hour Chart Analysis

Ripple fell as low as the $0.85 support level during the crash, and although the coin rebounded above $1 afterward, it remains 70% off its recent all-time highs. Long-term investors could already accumulate small positions on the short-term sell-offs, although the correction will likely continue, and a prolonged consolidation phase might also be ahead. Key support levels are now found at $0.85 and $0.68, while resistance is ahead at $1.25.

XRP/USDT, 4-Hour Chart Analysis

(more…)

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Analysis

Market Update: Bitcoin at $10,000, Ripple at $1, Ethereum below $1000 as Carnage Continues

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Yesterday’s China induced technical breakdown led to an unmitigated disaster in the crypto segment, as all of the majors crashed, erasing hundreds of billions of market cap in the process. The collapse of the alleged Ponzi scheme of Bitconnect added insult to injury and caused another wave of selling in late trading, driving the price of Bitcoin to $10,000, a bit earlier than expected.

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BTC/USD, 4-Hour Chart Analysis

The most valuable digital currency rebounded as much as 15% after the late-session crash, but the selling pressure remained strong and today BTC briefly traded below yesterday’s low, with most of the majors holding up above the crash low.

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That said, the sell-off is unlikely to be over and volatility is probably here to stay for the week, with violent swings in both directions. The coin is still likely to push lower, with a possibly lengthy bottoming phase, so a quick recovery to the record highs is unlikely, but strong support is found below $10,000 at $9200, $8200, and $7650.

Traders should be aware of the elevated risk in short-term positions here, while long-term investors could slowly accumulate positions on the sell-offs, as the coins are headed to oversold territory.

A Little Perspective

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Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Analysis

Long-Term Cryptocurrency Analysis: Broad Correction Enters Next Phase

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The overbought BTC-led correction that has been the dominating technical process in the cryptocurrency segment in the last month or so continued in earnest today, amid the intensifying regulatory steps concerning the sector. The three-week-long consolidation that followed the initial mini-crash concluded with a sharp sell-off overnight rearranging the long-term charts, while likely kicking off another volatile period.

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While most of the crash lows held up today in early trading in the majors, especially in the case of the late leaders like Ethereum and NEO, some of the relatively weaker coins are already trading below the December minimums. We expect most of the majors to follow Dash and LTC, the weakest of the largest coins, lower and trade below the previous lows, as sentiment will likely swing to a bearish extreme.

The $11,300 level has been in the center of attention throughout the session today and the most valuable coin experienced heavy trading around the level as expected. As the daily MACD is still in neutral territory, the coin could be in for another leg lower, but after the 40% correction and the rather lengthy consolidation, investors could be looking for entry points during the move near the key support levels at $10,000, $9000, and the stronger levels at $8200 and $7700.

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BTC/USD, Daily Chart Analysis

As Ethereum is in a different part of its cycle the long-term momentum readings are still overbought, and that could mean a more protracted correction for the second largest coin. That said, following a multi-month consolidation like the one in Ethereum before, we still expect the token to outperform BTC from a long-term technical standpoint. ETH is now below the short-term trendline, and it’s likely to dip below $1000, and the prior top at $850. Further key levels are found at $740, $625, $575, and near $500.

ETH/USD, Daily Chart Analysis

Let’s see the outlook for the other major altcoins after today’s bloodbath.

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Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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