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

Urgent update:

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.

Author:
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.