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Analysis

Weekly Analysis of Cryptocurrencies

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Bitcoin

In yesterday’s column I pointed out that on a longer-term setup on the daily chart, we had a buy signal. But I neglected to point out that on a shorter-term setup on the daily chart, it was not yet given. On the shorter-term setup, we are just below a 2nd arc of a 3rd pair. Trade accordingly…

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Ethereum

Ethereum has not had a material change since yesterday’s column. It continues to meander through a 3rd arc pair. I have highlighted a few of the places that pricetime has respected the setup. An energy time is approaching, due tomorrow. Wait for it – we might get a buy signal soon.

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Litecoin

Litecoin continues to be a favorite trade of mine this week. In the screen capture below I have a very short term setup, and a long-term setup. You will note that the first highlighted section shows where price was repelled by the 1st arc of a long-term setup, at almost the top of the short term setup. The red arrow indicates where the swing low was exactly on the end of the short-term setup. This marked the beginning of the next swing up.

Price has been fluctuating around the 1st arc of the long term setup. As of this writing, price is still above the arc. Target seems to be ~ $15.20.

ZECUSD

I continue to expect a rally out of this asset in the near future. It has cleared resistance. There is an energy point due tomorrow. I wonder if that will be an acceleration? Time will tell. Wait for confirmation before buying this asset…

Ripple

Ripple has been basing for some time. As pointed out in yesterday’s column, the coin bounced off a 3×1 Gann Fan the other day, which seems to have provided the juice for the next rally. An energy time is due “now”. Watch this closely. If this gets going, it could be exciting. Resistance is seen at .05 and .075.

ETCUSD

After having bounced off a 4×1 Gann Fan for several days, ETCUSD rallied sharply to the 3×1 Gann Fan. This is still a buy, IMHO, as the 5th arc on this setup is still a fair distance away. An energy point due a few days from now suggest a possible target of $4.60 if the rally resumes.

Monero

Monero has been trading sideways for a month or so. But that might change soon. An energy point is due in 2 days time, and the coin is challenging a 1st arc of a long-term setup. When/if we get a buy signal on this chart, top-of-the -square resistance is in the $26 range.

Dash

Like several other coins, Dash has an energy point on it’s chart in 2 days (4/24). My guess is that an acceleration point will likely ensue. This screenshot shows a few of the places pricetime has respected the setup. If an acceleration begins in a day or two, the next arc resistance is in the $100 area.

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.



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4 Comments

4 Comments

  1. Tfmonzo

    April 22, 2017 at 5:40 pm

    Is there a source document for this type of analysis? Like a whitepaper or something along those lines.

    • Jim Fredrickson

      April 23, 2017 at 2:20 am

      Not that I know of. I might write one some day. I put most of my system together over the years as I chased down the works of Gann, Cowan, Beann and Bayer. I’m not sure I have emulated any of them “well” but in the process of trying the system got fairly good…

  2. And

    April 22, 2017 at 8:28 pm

    Thanks Jim! I love your analysis! I will wait for you to give us a buy signal(s) for some of these cryptocurrencies 😉

  3. Jim Fredrickson

    April 23, 2017 at 2:17 am

    ltc just hit $15. i have exited the trade we entered at at $3.50. Looking for next coin to trade…

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Analysis

Long-Term Cryptocurrency Analysis: Bitcoin Flirts with $8000 as Altcoin Bull Persists

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Bitcoin’s swift recovery was the main topic of the week, as the most valuable coin not just regained its steep losses, but hit a marginal new high towards the end of the period. The entire segment is experiencing capital inflows as the total value of the coins climbed above $230 billion for the first time ever after finally leaving the vicinity of the $200 billion mark.

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BTC breached the $8000 level before turning slightly lower on Friday, but despite the severely overbought daily chart, it is still trading near its all-time highs. As the long-term picture still suggests a deeper correction, investors should wait with opening new positions and traders should also control position sizes here. Key support levels are found at $7700, $7000, and $6700, while the recent key break-out level at $5000 still hasn’t been re-tested.

BTC/USD, Daily Chart Analysis

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Dash is still the most bullish altcoin from a technical standpoint, despite this week’s short-term correction, as the coin is trading above its prior all-time high, and this weekend, it looks ready to test the break-out high near $500. Support levels are still found at $400, $360, and $330, and as the long-term picture is approaching overbought territory, investors should only hold on to their positions here.

DASH/USD, Daily Chart Analysis

The other major altcoins are also mostly in bullish setups, with some of them already in the latter stages of this cycle, like Monero and IOTA, but elsewhere in the segment, there are still opportunities for both traders and investors. Let’s see the detailed long-term view.

(more…)

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Analysis

Technical Analysis: Litecoin and NEO Jump as Bitcoin Trades near $8000

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The cryptocurrency segment continued its bullish run, as the total value of the coins climbed above $230 billion for the first time ever, while Bitcoin also posted marginal new highs. The most valuable currency is still overbought regarding the long-term picture, and we continue to expect a deeper correction in the coming period, despite the recent strong rally. Support levels are still found $7700, $7000, and $6700 while the $8000 level is ahead as a major obstacle.

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BTC/USD, 4-Hour Chart Analysis

Litecoin has been the most active major besides Bitcoin, as it rallied strongly after breaking out above the key $64 resistance and it breached the next target at $75 before heading below $70 again. The coin remains in bullish long- and short-term patterns, and we expect a move above the major resistance zone ahead with the next target found at $82.50.

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Litecoin/USD, 4-Hour Chart Analysis

NEO is showing strength in the second half of the session, while Monero is recovering well from a short-term dip, similarly to IOTA and Ethereum Classic. Ethereum continues to represent stability in the segment, while Ripple failed to build up momentum so far after yesterdays spike higher. With still most of the altcoins being in bullish setups, let’s see the short-term charts.

(more…)

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Analysis

XRP Looking to Make a Significant Rally

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The XRP/USD pair went into a deep correction after hitting 0.29490 a month ago. It nosedived to the major support level of 0.19052. The pair consolidated for a few weeks which gave the market the legs to test resistance at 0.22924.

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Technical indicators show that the pair was ready to breach its immediate resistance, which it did this morning. Now that resistance has broke at 0.22924, it’s time to buy. This successful breakout will take the pair to 0.23997 first and 0.26563 next before hitting the target of 0.26796 which is coincidentally a major resistance level.

Technical indicators hint that the market would most likely be overbought by the time it hits 0.26796. Should it respect the major resistance level, the likelihood of the market turning extremely bearish increases. Therefore, it is recommended to closely watch your trail stops to preserve your gains.  

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Summary of Strategy

Buy: As close to 0.22924

Support: 0.22224 and 0.20081

Target: 0.26796

Stop: If the market breaches 0.20081 as next reliable support is 0.19052

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

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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