When I went to bed last night (I am in the China timezone, where it is now the 27th) I had a feeling the market was getting ready to turn up. When I woke I saw that there had been yet another leg down that had finished just an hour earlier. When I looked I saw that almost every coin I follow had made important lows on strong support. With the exception of bitcoin, every chart looked like a low was in. I thought it must be the 28th already.
I can’t say definitively the low is in, particularly since bitcoin is STILL looking incomplete. But if it’s not the bottom, it’s close enough. I bought all I could an hour ago…
DASH reversed almost exactly at the end of square and the bottom of the setup on a 2 hour chart, exactly on an energy point (red dotted vertical line). This looks like THE low to me.
ETC bounced hard just a bit below the top of square of the smaller bear setup. An energy point is due to commence in 20 minutes (8 hour candles). My guess is the next candle will be green, and ETC will finally get through that green arc that has been stopping it for so long.
ETH bounced hard off the top of square. At $200 it fell exactly 50% from it’s high of $400. I believe the low is in. In all likelihood we will never see $200 ETH again.
REP reversed exactly at the end of square and top of square. It is miraculous to see this happening over and over again… I believe the low is likely in here as well, though a close above that red arc would be comforting to see.
The great XLM giveaway has just occurred, or will any moment. It made a low exactly at the intersection of a 5th arc pair of a short term setup and a 3rd arc pair of a long term setup. An energy point is 1 candle away. This is likely the low for XLM also.
XRP bounced off the 2nd arc of the 2nd pair on this setup. While this chart is not yet clear that the low is in, I have a feeling that it probably is, as a result of the short-term chart:
This chart bounced off the bottom of the setup, exactly on an energy point. Given the large number of coins that made significant bottoms a few hours ago, I suspect the low is in for XRP also.
ZEC bounced, like a few other coins, exactly at the end of square, and bottom of setup of this 2 hour chart. Yet again, it occurred exactly on an energy point. I know it sounds like I’ve been saying it a lot today, but I think the low is in for this coin also.
XBT is the odd man out. The long term chart (not shown) looks like it still incomplete. But the short term chart shown above shows a bounce at the top of square just below a 5th arc. That would look like a bottom for almost any other coin. The jury is still out on bitcoin. But if it turns out that this is the low for bitcoin as well, then all I can say is that the upcoming rally will be a doozy. If there is so much buying pressure that bitcoin can not correct lower than this during a mad selling season, then as soon as the selling pressure is released this will likely go to the moon. $5,000 bitcoin anyone?
I am on record with the opinion that a wave 2 was going to soon end, giving birth to a wave 3. Wave 3s are usually spectacular. If I am correct, and a cryptocoin wave 3 is to commence soon, (maybe actually started a couple hours ago but almost no one knows yet), then buckle up your seat-belts because it’s about to get exciting…
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.