We enjoyed a thrilling evening last night watching the prices of the major coins all approach 5th arcs and bottom of setups at the same time. It is fascinating to watch prices react to geometrically pre-determined locations on a price chart. It’s even more fun when you are able to buy the lows with a (relatively) high degree of confidence that you are not making a terrible mistake.
XBT bounced off the top of square last night and is currently testing resistance at the 2nd arc above. It has yet to give firm reason to believe that the low is in, rather than yet another short term bounce. I remain cautiously optimistic that a low is in, but it has not yet been proven by resistance breaking…
ETH is also showing a positive bounce off support on the short term charts, but the longer term charts are still ambiguous. ETH 8hr is still in a 2nd arc, where anything can happen, and not on long term support. So, the jury is still out…
Like ETH, the long term ETC chart is still in a 2nd arc that prohibits us from having firm confidence in it. It bounced off string support last night, when many of us bought it. The jury is still out on whether it is a long term low, or a short term bounce.
Like so many other coins, XRP bounced off of short term support last night. It has rallied nicely since then. But long term resistance has not yet broken, so we do not yet know if it is a short term bounce or a long term low. It is very near the arc pair exit.
XLM is struggling against a 1×1 angle it has not been able to break. It is nearing a 5th arc and an energy point. My intuition tells me it will likely get over that resistance soon.
I know I a m sounding like a broken record, but LTC has also bounced nicely off of support. Yet, it has not broken overhead resistance yet, so it is not clear yet whether the bounce was a short term bottom or a long term low.
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.