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