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Weekly Analysis of Cryptocurrencies

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Weekly Analysis of Cryptocurrencies

Introduction

This article was posted on Friday, 18:21, UTC.

Litecoin

As forecasted on these pages several times last week, Litecoin was the star performer for currency traders this week. Repeated suggestions were made to load up on the asset while the coin was still under $4. I am aware of several readers who took the advice. The question, as always, is: “What comes next?”

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As we can see, price went vertical exactly at the end of square on this long term daily chart. As this is still within the confines of the 4th arc pair,  the asset is still a few days away from being free to rise to the levels it likely wants to go.

You will note that the wick of that long green candle exited the arc pair before being pulled back. This suggests that the arc is vulnerable, but that was already plain from charts we looked at last week. It remains to see on exactly which day pricetime will close on the sunny side of the arc. But when it does price will likely go considerably higher.

Bitcoin

Bitcoin is still struggling with the 3rd arc pair on the longer-term daily chart. My personal bias is to sit on the sidelines until we get a convincing close above the arc before buying it. But when it does, we will likely see a new ATH.

Ethereum

Ethereum continues to muddle around the $50-$52 area. But it is still on the sunny side of support at top of square. Serious resistance will be found in the $62 are when it finally gets around to rallying agin. My suggestion would be to take money off the table at that point, with the option of buying the asset back at higher prices if it gets through the arcs (unexpectedly).

Monero

Monero was stopped hard by 1st arc pair resistance on this longer-term 4-hr chart. As long as it stays below that arc, it is a gamble to buy here. While my guess is that the major selling is finished, I would waiting until price closes convincingly above at least the 1st of the arc pairs, though waiting until the entire pair is violated is safer.

ZECUSD

ZECUSD has been bouncing wildly all week. The good news for long traders is that support was found at the 1st arc pair on this 4 hour chart. We are, at this writing just about at the end of a square, so a rally here would not be surprising. The arc pair will be met again at ~ $75. It would be prudent to take some money off the table there, imho…

DASH

As we advised repeatedly several days ago, Dash was clearly overdue for a correction. We advised taking money off the table at $110. It is $74 at this moment. So…  what’s next?

In my opinion, the chart still looks quite weak at these levels. I imagine support will be found somewhere between the top of square and the 2×1 Gann angle on this chart (~$63).

 

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.

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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 Camerpl79

    Posted on 8:51 pm March 31, 2017.

    Please provide guidance on Ripple. Based on the fundamentals, XRP is definitely going to be a major player in Global banking & money transfer.

    Japan Banks are basically all in so if the World continues to do business with Japan businesses then they too will soon be joining the Ripple Blockchain.

    Ripple is not theoretical – It’s being implemented around the world by large players in the financial markets.

  • user

    AUTHOR Jim Fredrickson

    Posted on 12:51 am April 1, 2017.

    Ripple is not an interest of mine, personally. I view it as a privately owned currency just one step away from fiat. You may be correct that it has a future as a medium of transfer, but I am not convinced that will be a good thing for humanity. Having said that, I realize it is possible that my understanding of the currency is flawed.
    I will take a look at the chart in the next few days and comment as a technical analyst, trying to put my feelings aside.

    • user

      AUTHOR tadej

      Posted on 7:56 pm April 1, 2017.

      Your prediction on LTC was right. I was a little bit late but I jump on the train and made some money.

      Please do consider Ripple in your next analysis, there is a lot of hype out there.

      Keep up the good work! Thanks Jim!

    • user

      AUTHOR farware

      Posted on 4:56 pm April 2, 2017.

      What is your price target for ETH if it breaks through 60? I am leaning towards 75-80 area.

  • user

    AUTHOR usatrader77

    Posted on 3:08 am April 1, 2017.

    Where can I see graphics, shown in your article?

  • View Comments (7) ...
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