I share the sentiment expressed by another writer in these pages. This is looking like it will be an exciting week for MANY cryptocurrencies. In fact, the dilemma for me seems to be trying to decide which currencies are going to offer the greatest returns. It feels kind of like being a kid in a candy shop.
In summary, I like bitcoin with a target of $1440, Ethereum with a target of $64, Ripple with a target of .081. There are too many to focus on in a single column.
My last 2 columns focused largely on Zcash, which went from $55 to $80 over the weekend. It has since pulled back, offering buyers another chance to buy in at lower prices. Target for ZECUSD is an even $100.
Ethereum Classic (ETC)
Today I am going to look at Ethereum Classic. I am sure that there are few crypto traders who are unaware of the DAO hack and controversy of last summer that led to the fork creating Ethereum. Some traders may only be vaguely aware that the original blockchain and currency continues under the banner of ETC. It will likely greatly surprise readers to know that the original currency has almost doubled, under the radar, in the last month.
As you can see, the coin’s price has been showing a fair amount of respect for the setup shown above for some time. It should therefore come as an item of interest that price has just closed above the 1st arc of the 3rd arc pair. It wasn’t a “convincing” close. In other words, it is close enough to the arc to be called “at resistance”.
So, this is not yet a buy signal. However, I note that there is an energy point coming in the near future (vertical line). That energy point is about 24 hours from now.
I have a suspicion that when/if the arc pair has been cleared a rally to $3.50+ is likely. Longer term the target is quite a bit higher, in the $6 range.
Wait for confirmation, but keep an eye on this coin.
Ripple
Ripple is sitting just below shorter-term resistance at the first arc of a setup from the low last week. I will likely be a buyer when/if price closes above that arc. First target will be in .053 range.
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.
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.
Follow him on Twitter (@jimfred1276) or email him at jimfred1276 at gmail.
Published at Mon, 10 Apr 2017 10:03:15 +0000
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