For the past several days “energy points” on many altcoins have passed without any visible movement.  In other cases, to my surprise, the movement was a downward tick, through resistance I would have expected to hold.

My belief is that the energy points being passed are in essence building up like pressure on the tectonic plates of the ring of fire.  An earthquake will come, and likely soon.

It was very difficult NOT to pay attention to the news du jour this time.  All the talk on our chat channel  about the upcoming fork filled me with a bit of fear, such that I ignored buy signals near the low of two days ago, even though there were (3) astro events coinciding with support at the XBT low.  Normally I would have known to buy there, but this time I ignored my own advice, “pay no attention to the news”.  As a result, I bought the next buy signal, but with such a tight stop that I got stopped at the low just before the big rally began.

We joined the rally late, and sold at 2825, 28 points shy of the swing high.  The question becomes, as always: “What’s next?” 

XBT

XBT is nearing the end of the road for this selling season. It may have one more push down, but in the next 24 hours it will throw off the fears that have been keeping it (and its altcoin cousins) down for so long.  If you are on our chat channel, you will be given an update as soon as it seems its time to go long again.

ETH

ETH is also overdue to start a serious rally.  I am perplexed why it chose a chance to assume #1 leadership position during XBT’s troubles.  In any case, an energy point approaches in a day or so.  It won’t in my opinion, fall beyond the 1×4 below…

XRP

XRP will hit an energy point today that I am guessing will start a rally, though the price may drop a bit more first to test the swing low…

ETC

ETC looks unhealthy.  There support just below 12 that might hold.  An energy point is approaching soon.

LTC

LTC is nearing 3rd arc support that I imagine will hold.  Expect a rally if price gets to ~39.1.

Happy trading!

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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.

 

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Categories: Bitcoin

2 Comments

Abhishek Bajaj · July 29, 2017 at 10:13 pm

Hi Jim, Great Analysis . Could you please tell me at around what levels will ETH find support..And by when do you expect ETH to start a rally maybe towards 300/350 $? Thanks.

Jim · July 30, 2017 at 5:04 am

I suspect support was finally found at 177 several hours ago. That might be the beginning of the next leg up.

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