XBT and ETH gave sell signals the other day, as reported here. In ETH case, it was a valid signal, as prices stayed pretty much flat from then until recently, when it broke down. In XBT case, the signal came early, as BTC rallied a bit more since then. It is at strong resistance once again.
Our chat community is abuzz with speculation about the implications of both BTC and ETH at resistance. Some are opting to move to fiat and/or tether to watch from the sidelines for a bit.XBT
We last reported on what turned out to be a false signal on XBT. Rather than falling a day and a half ago as I expected, it rallied a bit further instead. However, it is again hitting resistance which I believe it will struggle with.
Looks like a good day to sell XBT and play golf, to me…
As we discussed in our last column, ETH was in a precarious place. It managed to push past the 5th arc in what WD Gann referred to as “lost motion” but could not break the top of square on a 3rd try, and so began a steep fall. This correction might be one you want to watch from the sidelines.
BCH has been struggling to gain traction but has nevertheless held firmly higher than the talking heads expected it to, 12 days ago. It has currently been testing support as shown in the chart above. An energy point approaches in ~ 12 hours. It will likely be clear before then, if the support below BCH will hold or break.
LTc is sitting on resistance. It could easily bounce from here, but until we get a “convincing” close away from the arc we can’t be sure. However, as discussed in our chat community, it is worth watching closely, as it may be preparing to rally as it enters the energy point dead ahead.
STORJ had a great run yesterday. It fell at resistance noted on the chart and is currently at the 1×1. It is not at all clear that the support will hold. A break and close below the 1×1 would be rather bearish.
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.
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