Regular readers will know that we have been waiting several days for ETH to pass through an arc pair. As shown in the picture below, that has happened, and the asset broke upwards as soon as it was able to. This is a rather bullish development. The next arc pair is in the area of $62, and will likely be heading there.
As pointed out in the weekend update, Bitcoin is still in a short-term arc despite having given a longer-term buy signal. My best guess is that the coin will be able to breakout to the upside, but I would prefer to wait until I see the breakout happen, rather than buy the coin in the hope that it will. It is pressing hard against resistance even as these words are being typed. However, the arc has been an effective barrier for several days already. It could continue for a while longer.
Several readers have been on this ride since it broke out above $4. Our target has long been $15, and we reached that target yesterday. Indeed, price went to $16 before pulling back to $15. This 3 hour candle bar is an energy time, and price has been caught between the top of the square and the 1×1 Gann angle for several candles now. I sold this coin at $15 and though I think another rally is possible, the EASY money has already been made, as they say. A pullback is likely. It makes more sense to me to watch this from the sidelines for awhile.
We covered this sleeper last week, and it rallied again the past few days while I was preoccupied with litecoin. ETC made impressive gains, but in all likelihood the run is close to over. The next (5th) arc is at $4, and the price is close to that now. I think it’s too late to catch this train.
I have included DASH in today’s column because I have an intuition that it is going to get interesting soon. As you can see, on a longer-term setup price has been moving sideways for sometime but has just met a 2nd arc. It is possible that it will break down here. However, it seems more likely that it will use the sideways movement of the past few weeks as a base to rally to the next resistance at ~ $132. Time will tell.
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.