Bitcoin rallied hard yesterday, a day after several other coins awake from a slumber.  Many in our chat community are of the opinion that XBT is about to launch into $3500, $4000, or even $5,000. I would be happy to see this come to fruition, but I am not yet convinced.  Resistance overhead has been weakened, to be sure.  It has shown itself to be vulnerable.  However, it has not yielded yet.  I am reminded of Darth Vader’s words to Luke Skywalker: “You are not a jedi yet!”  But it might prove to be a buy.   We will see soon.XBT

To be fair to the bulls in our community, this is a bullish chart.  I sold the first encounter with this arc.  It is higher than that now, and there is a reasonable argument that the 2nd of the arcs will fail as well.  In the event we get a convincing close above that arc, I will likely buy it once again.

BCH

BCH is either a junk coin, or the future of bitcoin, depending on who you talk to.  I do not read the news much, in regards to coins.  News clouds one’s thinking in regards to trading, imho, so I prefer to just read the charts.  However, the consensus in the chat room was that this was to be a junk coin and I sort of adopted that view by osmosis.

However, this chart, once I saw it a day or two ago, changed my opinion.  Though I am aware that I might be mistaken, as I always am every time I make a public forecast, this chart strikes me as quite bullish.  We will have a chance to see if my thoughts might be correct, or not, as pricetime moves out of the 1st arc later today.  The end of square is an energy point.  If it takes advantage of the energy to break down rather than up, I will be forced to concede that my optimism may have been unfounded.  Let see what happens.

ETH

ETH has a very bullish daily chart. Top of square and 3rd arcs are quite far away, in the $390 area.

DASH

DASH also has a bullish chart and is approaching an energy point in time.  My feeling is that the 1×2 angle will hold and that it is a buy here.

LTC

This 8 hour chart is quite bullish as well. LTC bounced off the top of square and the 1×2 angle, cleared an arc pair and has not looked back.  $55 is a good target, imho.

XRP

XRP’s daily chart hit the 1st arc and an energy point at the same time.  It used the energy to break through the arc.  The first arc pair is close by.  When/if it gets through that resistance, .30 is a good target.

Happy trading!

 

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.

 

Tradingview is a great resource for traders.  Check it out if you haven’t already.

 

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Categories: Bitcoin

3 Comments

Richard Baydack · August 6, 2017 at 11:18 am

Hi there,

I am new to the site but have been following an analyst who I believe is using similar analysis. Do you track or plan to track, any of the following coins: Antshares/Neo; deCred; Bitshares; CloakCoin; Siacoin; Factom; Lisk; PIVX or Golem?

Thanks

    Jim · August 6, 2017 at 11:38 am

    Several in our chat community trade those coins. Feel free to join us …

letusallunite · August 6, 2017 at 10:25 pm

Hi Jim,

Thanks for your analysis. Insightful as usual.
Two questions:
– what do you think about the current NEO/Antshares rally?; and
– where do you stand on the opinion that BTC is starting wave 3? Do you still think this is the case?

Thanks,
luau

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