GMT +8  7/15  10.45am

The roller-coaster continues, as market participants try to deduce the future of bitcoin as August 1 approaches.  For whatever reason, the other coins have remained trapped within bitcoin’s wake.   I doubt that the indecision will continue all the way to August 1, but it is certainly possible.

DASH

Dash is approaching an energy point just as it is pressing hard against the 2nd arc of the 3rd pair.  My guess is that is approaching a low, but it may go a bit lower before it reaches that energy bar today or tomorrow.

ETC

ETC is within a 2nd arc pair, where anything can happen.  It has broken muliple supports, so I suspect it will fall at least to the 1×3 angle (yellow) below.

ETH

ETH is getting violently squeezed between the 1×1 (resistance) and the top of the 3rd arc (support).  One of them will be forced to break soon.  My guess is that the 1×1 will break and price will rise, but that remains to be seen.

LTC

LTC has been looking weak for some time now.  Support is at the 3rd arc $35.  If that fails (unlikely), the 4th arc is in the $30 area, and the 5th arc is all the way down to $20.

XBT

It appears that the 4th arc might yield.  If so, the next support is at the top of square (~ $2000) and then the 5th arc in the $1950 area…

XLM has cleared a setup of extreme highs and extreme lows.  It is approaching an energy bar due tomorrow.  I am cautiously optimistic that it will turn up.  We will see…

XRP

XRP is traversing a 3rd arc pair.  An energy bar approaches, but I have little idea if it will break upwards or downwards.  My advice is to stay away a bit longer.

ZEC

ZEC looks quite weak.  If the top of square does not provide strong support, the 5th arc is all the way down to ~ $100.

Happy trading!

Be sure to look into tradingview.  It is a great resource for traders.

Remember:  The author is a trader who is subject to all manner of error in judgement.  Do your own research, and be prepared to take full responsibility for your own trades.

Categories: Bitcoin

5 Comments

paul tighe · July 15, 2017 at 12:39 pm

seems like even paying attention to other coins is irrelevant as it all seems to depend on btc direction???

    Jim · July 16, 2017 at 6:14 am

    I am not sure why that is so, but for the time being that is at least partly true

Riccardo Tacconi · July 15, 2017 at 7:04 pm

Thanks, I will look into Trading Review.

paul tighe · July 16, 2017 at 10:20 am

whats you view on this jim? explains the ubiquitous altcoin trend? https://cointelegraph.com/news/how-bots-and-black-marketers-are-influencing-bitcoin-price-altcoins-value

    Jim · July 18, 2017 at 7:45 pm

    Haven’t read the column yet, but I HATE bots, and shame on the exchanges for allowing them to run amuck the way they have. I specifically asked Kraken to throttle them, and they refused. Apparently either they are making money off the bots trading, or worse, perhaps they are actually employing them.

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