By Jim Fredrickson
GeometricThinking and the 3/31 low
Our last blog of a couple days ago was indeed a stressful time. It felt like the low was going to break didn’t it? If it had done so, we imagined panic selling bringing a spike low that would have broken many a leveraged trader. Fortunately that did not happen. The 3/31 low was not broken and it increasingly seems that the cycle low is in.
Our read of the technicals leads us to believe that the next time frame to watch is ~ 4/16-4/17. There are a large number of time cycles that end and begin anew there. It has been pointed out that this is also the time US taxes are due. While this seems like an interesting observation to us, such a political event is just coincidental to the time cycles we refer to.
“Our read of the technicals leads us to believe that the next time frame to watch is ~ 4/16-4/17“
We remain of the opinion that 2018 will likely be an outstanding year for coin traders (if they know what they are doing, of course.) It looks like btc will hit ~$8500 in the shorter term.
Bitcoin Cash is following Bitcoins lead. It appears ready to break through an arc of resistance on this 8 hour chart. We have a short term target of~ 920.
Litecoin has also held the 3/31 low. It has been moving sideways but it seems to be gaining momentum recently. We have a shorter term target of $150.
Ethereum has also held the 3/31 low. It as been moving sideways but it seems to be gaining momentum recently. We note that it too is trying to close above an arc of resistance on the 8 hour chart. We have a shorter term target of $575.
Remember that the author is a trader who can and does make mistakes from time to time. Each trader must assume full responsibility for their own trades, based on his/her own due diligence.