(+) Litecoin has Given a Buy Signal

So many altcoins have gone vertical in the past couple of weeks that I have had to adjust my scales in almost all cases, to accommodate the current stratospheric prices when compared to prices just a couple months ago.

Litecoin

Here is the 3 hour chart for litecoin. As you can see, the 2^nd arc, of the 2^nd pair, stopped the rally and then stopped it on the 2^nd test of the same arc more recently. However, barring an unexpected reversal in the next 10 minutes, price will finally close above the arc pair, suggesting a buy signal on the 3 hour chart. Resistance is seen in the $13 area.

Here is a look at a daily chart of litecoin. The daily chart has not yet given a buy signal, but price is very close to that first arc. Resistance is seen at ~ $13 here as well.

RIPPLE

Ripple stole the show a couple days back with a monster rally that took it very quickly to above the top of a setup on a 3 hour chart (Poloniex). This growth was clearly unsustainable and a pullback was overdue. We got one. However, my guess is that this asset will resume a bull market in the not-distant future.

DASH

Dash continues to disappoint it’s fans. Just yesterday I was hopeful that support would be found at the $60 area, but now it appears that the bear setup is in control, and price will retreat all the way to the 3^rd arc pair of that setup, ~ $32 perhaps.

BITCOIN

Finally, let’s look at bitcoin.

Bitcoin has shown strength as it has rallied to the 2^nd arc pair of a bull setup (shorter-term). The 1st arc pair has stopped the advance for now, but there is cause to watch this asset closely. If the rally gets going again, the 3^rd arc is all the way up to ~ $1440.

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.