This week was outstanding for cryptocurrencies. And, I expect next week will be even more so. I will give a brief rundown of many of the more actively traded coins, ending with my favorite of the day.
This sleeper has rallied hard all week. She got past the $4 mark, but is staring at a 5th arc at ~ $5.70. This was a great catch for those traders who at least doubled their money in a week. That is not an easy thing to do.
Another sleeper which sprang to life several days ago like the alien spacecraft in “Independence Day” when the mother ship approached. Like ETCUSD however, she is now facing a 5th arc overhead (in the $17 area). If she can cross that resistance, the next larger target will be considerably higher.
Like the two preceding coins, this coin also ended a long period of consolidation and advanced strong to a 3rd arc, where it is currently sitting. It may take a bit of time for this coin to get through the arcs, but when it does, the 5th arc is all the way out to $40 or so. This could double in the near future.
I am sounding like a broken record now. ZECUSD also came to life several day ago and has traversed a 3rd arc pair. An energy point beckons and I am of the opinion that another advance is on the horizon. A move from $85 to $125 is clearly a possibility. It may take a few weeks to get there.
Ripple is a mystery. It is the only coin that has so far refused to join the party even though it has a bit of ‘establishment credentials’ (maybe those credentials are the problem?). In any case, the coin seems to have awoken. A (wide) 2nd arc pair is standing in the way of a rapid advance, but once it clears that arc pair there will be A LOT of unimpeded room to the upside, IF IT CHOOSES TO TAKE IT.
Bitcoin disregarded my published concern about a double top last week and went on to make a new ATH. My previous forecast/target was for a run to $1400-$1440. It now seems that $1400 is the area it will hit 5th arc resistance.
As my regular readers will know, I was very bullish litecoin last week, with a $15 target. Since hitting that target last week, the coin has been consolidating. It has crossed a 3rd arc pair and is waiting for a kick in the pants to move to the 5th arc at ~ $24. My guess is that move will begin sometime this week.
Ethereum made some of our community a ton of cash this week, and is my favorite trade of the week. It moved sharply higher from $50 to $65. As discussed in yesterday’s article, the smaller setup I was using seems to have needed being re-sized, because pricetime was growing past its constraints. So, I am now using the next-larger sized setup.
As of this writing, price has closed at the 2nd arc of the 3rd pair and has just opened a bit higher. Barring an unexpected reversal (unexpected but certainly possible) this is looking great. The 5th arc pair is substantially higher. I think we will see $100 much sooner than seemed possible just a week ago. 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.
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.
Follow him on Twitter (@jimfred1276) or email him at jimfred1276 at gmail.