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.
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.
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.
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.
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 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.
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.
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.