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Urgent Analysis: Bitcoin is at a Double Top + Ripple & Monero

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Urgent Analysis: Bitcoin is at a Double Top + Ripple & Monero

Introduction

This article was posted on Wednesday, 07:30, UTC.

Urgent update:

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XBTUSD

I have just seen at least one setup on a 4 hour chart that suggests that XBT (bitcoin) is at a place in pricetime that suggest it may be at a turning point:

As you can see, there is

  • a double top
  • an energy point
  • and a 3rd arc

all happening at this point in time. Individually, each of these is cause for concern. Taken together it is a huge red flag. Be very careful if you are long XBT.

XRPXBT

This market is showing signs of support. A bear setup shows pricetime hitting a 3rd arc. A possible rally in this chart could be due to either XRP rallying, XBT falling, or both.

XRPUSD

To unintentionally muddy the waters a bit, that last chart of XRPXBT might be misleading. It is presented above as potentially corroborating the bearish case for XBT. However, there is compelling reason to believe that XRP may be getting ready to rally. Here you can see that a 5th arc has been reached. While this is a bull setup, it is nevertheless indicating that a change in trend is likely.

Monero

Monero is also getting close to a 5th arc on a bear setup. Actually, my intuition suggests that this setup is too small, but it is a valid setup, so it should not be ignored out of hand. The 5th arc is there. It may take another day or two for pricetime to get there, but it is worth watching this coin closely.

 

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.

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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 Ershad

    Posted on 2:32 pm April 26, 2017.

    Hi Jim,

    Suppose that XRP was going to rally, can you suggest a price to cash out on? Is al time high prices likely to be reached ?

    Kind regards
    Ershad

    • user

      AUTHOR Jim Fredrickson

      Posted on 11:16 pm April 26, 2017.

      That’s a bit like asking how high is high… It depends on so many factors, including your timeframe. Are you a weekly trader, or a 5 minute trader? Are you leveraged or not? Do you need cash this month to pay for your kid’s education? I don’t know any of these things, so I can’t say. However, I can say that I think 0.21 per coin is possible this summer…

      • user

        AUTHOR [email protected]

        Posted on 8:38 am April 27, 2017.

        Hello Jim,

        XRP is currently 0.035 USD/XRP on Poloniex. You are expecting 0.21USD/XRP in summer? Almost 7 fold rise?

        • user

          AUTHOR Jim Fredrickson

          Posted on 10:57 am April 27, 2017.

          I wouldn’t say i ‘expect’ it. I said it is possible, given the chart geometry. However, having said that, such a rise would not surprise me.
          But my attention is on ethereum today 🙂

  • user

    AUTHOR jedadoo

    Posted on 4:03 pm April 26, 2017.

    Well. I sold every bitcoin I have. Gonna try it on ethereum for the short term. Bitcoin keeps rising though…

    • user

      AUTHOR Jim Fredrickson

      Posted on 11:22 pm April 26, 2017.

      I sold mine also. Will it rise anyways, despite the red flags? Perhaps. As of this writing prices stumbled at that place for a few bars, but has risen a bit since then. If it rises further will I have seller’s remorse (wish I had not sold)? Maybe. But imho, speaking for myself, I would much rather miss out on a small piece of a rally than expose myself to a large loss by ignoring such a red flag as was there yesterday.
      Apart from selling, another strategy would have been to keep the coins, but pull the stop loss in tighter. Opinions differ as to which is a better strategy. We never catch every rally. But we don’t need to catch them all…

  • user

    AUTHOR And

    Posted on 8:17 pm April 26, 2017.

    In the meantime I will also try with ETH. Thanks Jim!

    • user

      AUTHOR Jim Fredrickson

      Posted on 11:24 pm April 26, 2017.

      ETH did well the past few days. My target is $60-62

      • user

        AUTHOR jedadoo

        Posted on 11:26 pm April 26, 2017.

        I’ve been holding ETH per your recommendation for the past few weeks. The % gained is far better in ETH than it would have been in bitcoin, so glad I saw your post early this morning.

  • user

    AUTHOR jedadoo

    Posted on 3:02 am April 28, 2017.

    Jim, Eth blew past $62, but realized I have no plan to sell it. What do you recommend? I figured ETH will rise into the $100’s eventually so planned to hold long. Any thoughts on a turning point?

    • user

      AUTHOR Jim Fredrickson

      Posted on 4:50 am April 28, 2017.

      Yes, hitting my target so quickly was a wonderful surprise. I agree that $100+ is in the cards. It’s a good plan to hold them. Next are of congestion is in the $75 range.

  • user

    AUTHOR And

    Posted on 7:39 am April 28, 2017.

    Thanks for update Jim 😉

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