This bear did NOT want to die a quiet death. It was tenacious like a grizzly with it’s leg in a trap. But the end was inevitable. For most of the coins, despite being sold hard off their swing highs, refused to make new lows. Barring an unexpected surprise, another higher low was likely made in most coins. This is of course quite bullish and implies a change in trend has indeed occurred. Sooner or later the bears will see that they are losing money every time they short, and they will stop.
I will say it again. This rally, if I am correct, will be awe-inspiring, to quote R.N. Elliott. Coins will go straight up for an extended period, as soon as the bears (and those traders who are just plain scared after this hellacious bear market) have their “A-Ha” moment, and realize that the tide has turned.
XBT got through this rather vicious arc today (short-term chart). As it did so, pretty much every other coin seemed to turn up at the same time as if following XBT’s lead.
LTC seems to have reversed at the 1×2 angle, and on an energy point. Assuming that the reversal sticks, we should get a close above $40, which is the top of square just above.
ETH also seems to have reversed on an energy point. It is too early to say for sure, but the shorter-term charts seem to have found support. A close above $280 will give us some assurance.
ZEC has been stuck to that arc for a very long time. I can’t help but believe that this time it will finally separate from it and march toward the next arc higher.
XRP has found support at the 1×2 angle as it approaches the end of an arc pair. An energy point awaits at the time frame it will exit the arc. This is likely going to be a well-deserved break for embattled XRP bulls.
XLM is at an energy point now, and it seems to have found support at the top of square. It is not visible here, but on the short term charts XLM is very close to 5th arc support now. Its too soon to declare victory, but I suspect this is very good place to buy XLM.
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.