Yesterday I went on record saying the lows were likely in, and that they arrived a day earlier than I expected. I went all-in and I suspect many others did as well. The market went straight up for ~ 3 hours and then began selling off in what turned into a very stressful day for many longs. I finally went to bed last night not knowing if my buy recommendation had been premature. I personally decided to not put in any sell orders or stops. I figured that if yesterday was not THE low, the low was very close. So, if another leg down was coming it would likely be small, and the market would likely have bounced back above their present levels before I even awoke.
Still, as I was making my first cup of coffee and turning on my computer an hour or so ago, I was a bit apprehensive, wondering if I was about to be disappointed. After all, Bitcoin, the elephant in the room, was still a major drag on the whole market.
So, wasn’t I pleasantly surprised when I saw that:
A) every coin I track had seen the lows hold, and
B) both ETH and XBT had just given bona-fide buy signals on the short term charts.
This is the kind of surprise one wishes for every day. I truly had not expected XBT would be the FIRST to give a buy signal, but in hindsight, maybe I should have.
XLM had both the best and the worst day yesterday. It went all the way down to re-test the low, but the low did not yield. This then led to a 30% rise, before coming back a bit. As I type these words almost all the coins I track are issuing buy (short or long term) signals. So, it appears (so far) that we bought the lows yesterday morning. 🙂
XBT issued a buy signal on the short term chart with a close above the first arc of this bull setup from the swing low.
ETH will likely give a buy signal on this longer term setup if it closes here or above in 45 minutes.
LTC is flirting with a buy signal as these words are typed.
ETC is also flirting with a buy signal. Of course, it should go without saying that “flirting with a buy signal” is not the same thing as saying a buy signal was given. We need to see a close above the arc before can have a fair degree of confidence.
Sorry to sound like a broken record, but dash is flirting with that arc also.
ZEC had a great day yesterday. But came back from the 2nd arc of the 2nd pair on this long term bull setup. ZEC has been stuck in that arc pair for a long time, as you can see. But it will get out sooner or later.
XRP just opened above the arc on the 60 min chart.
XLM is flirting with the arc. It has also penetrated the 4th arc pair of a long term bull setup. When it gets through those arcs it will likely do rather well. I own it.
All in all, it appears that we are on the cusp of a very exciting time. Strap yourselves in, if you haven’t already. And be judicious in your use of leverage. Don’t ever forget that the tool that can make you rich can also break you, in a moment’s notice.
Finally, if you haven’t seen it yet, you might want to take a look at the page that shares my vision for the trading school I expect to launch soon – hopefully within the next week.
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.