What I had written Friday: “Earlier I had shorted Litecoin around $60.60 which was a bad mistake. Stop loss was at $61.50 and I had failed to ignore a macro rising wedge that would have wicked an upper trend line at $64. That would have been a better short. I was eventually stopped out at $61.50 which honestly was just bad trading. A short here at $62.33 to...
XRP looks like it is about to break out soon. My expectation is that it is going to dump to about $.311 and then at least retest $.328 if not break past it. XRP has been trading within a range for almost a month now and the graph shows a symmetrical triangle with its price action nearing the apex of it. Because of this, we should not range much longer with an...
After taking profit at $147 my position entry actually lowered to about $116. Because of that I am pretty comfortable and will not make any buys until ETH reaches $134-$136. I am expecting a bounce there on a micro scale with possible tests at $126 and $120. The absolute last opportunity to find a scalp is between $113-$117. I’ve shown with the red arrows in the...
BTC is currently about to break up or break down from its micro ascending channel. Last Friday, I had mentioned a revisit to $4040 and I was correct. There was a bounce at $4034 back to a local high of $4120. This price was not sustained as it was a rejection of the 23.6% Fibonacci line. My current prediction is that we will revisit $3937 within the week if we...
Earlier I had shorted Litecoin around $60.60 which was a bad mistake. Stop loss was at $61.50 and I had failed to ignore a macro rising wedge that would have wicked an upper trend line at $64. That would have been a better short. I was eventually stopped out at $61.50 which honestly was just bad trading. A short here at $62.33 to about $56-$57 is not a bad trade...
EOS has dodged a major bullet. Yesterday, I had written that we might have a downward cross of EMA1 and EMA2 which would have been potentially disastrous but the lines diverged instead, creating a pump versus a dump. EOS has already made gains of 10% in a day so a retracement is likely as well. I am looking for a test of the upper trend line of this rising wedge...
As noted yesterday, I still believe that XRP is a bit bearish and my analysis is correct so far. XRP pumped about 5% since yesterday but retraced about 50% of that back to $.32580. This is still not a coin I am interested in at the moment as it is heavily ranging. It would be wise to stick to Bitcoin and Ethereum for now at least. It actually pumped less than BTC...
With Ethereum as my main position right now, I am pretty happy with my long position that was at $132.39, profited at $136.00 and lowered entry and stop loss to $131. Because my position is so low, I have a lot of breathing room and I am going to continue to hold and already am in profit of at least 9%. There was a small rejection at $147.50 which wicked exactly...
BTC has finally broken upwards with a 5% pump since yesterday. I recently spoke about how I am more long than short in terms because of the reasons I had listed yesterday. No long or short squeeze, VPVR matches, and Wyckoff re-accumulation phase. My original hypothesis was that we would hit $4100 and retrace. The current price is $4100 and we are trying to...
There is a current long position open at $132.39 as noted in the text of chart. Profit target is $150 Stop loss is $132.60 We have been in a range for a little over two weeks now after that awesome micro bull run. Currently, I have a strong inclination that we are in a Wyckoff reaccumulation phase so I am trading as such. There has not been any...
EOS is in tight predicament. EMA1 and EMA2 are about to converge or diverge. If they continue to diverge then EOS’s price action will be bullish but it is too hard to tell right now. This does look like a re-accumulation phase as well. As the price converges into the apex of its triangle, there should be an increase in volatility very soon. There is heavy...
I actually like Litecoin’s price action, but not in terms of a long. There was a great short at $60. Bearish divergence had already formed and this was at a retest of a break out in an ascending channel. Long-term LTC is bullish to me because of this expanding channel vs one that constricts so I do see a lot of opportunity to trade this. At time of writing the...
XRP is quite different than any of the other cryptocurrencies. The sentiment for XRP is bearish in my opinion. Because XRP has showcased that has decouple a while ago, relying on price movements from Bitcoin and Ethereum will not provide as much meaning as say, the relationship between Ethereum and Bitcoin. That being said, there are some critical tests that XRP...
ETH’s price action is very similar to Bitcoin’s but with a few slight differences. First off, there was the similar pump that led ETH to move to $170 and then a precipitous drop to the $140s range two weeks ago. Then there was a similar belly that was formed which looks like a Wyckoff Re-accumulation as well. However, one of the main differences is that this price...
BTC has been trading sideways for almost a month now. Since the major rejection of a breakout on February 24th, we have created a belly in price movement. The range has consisted of BTC to a low of $3761 to a high of $4046 in this range. Major movements generally drop a lot more violently which is why I am erring on the side of longing rather than shorting this....