Long-term, OMG is very bullish, in my opinion more so than XRP. On the other hand, today's pump is built on a pre-existing overbought condition. It was already overbought on daily, 4h, and 1h scales. There's a chance that OMG may experience a pullback. Entering now should be considered a very-short-term move in my view, though it's likely to continue to go up...
Ripple's market cap is circa $100 billion. JPMorgan 370B Wells Fargo 299B Goldman Sachs 96B Maybe it'll go to $100/XRP? Still, I'm not putting "Short" sign to this post b/c there's a decent chance Ripple may overtake Bitcoin in market cap in the first weeks of 2018. TA doesn't work at this point. It's a risky move, but this one may just keep going up. On the...
I see two possible scenarios for EOS at this point: Either it breaks out the bullish pennant & double its gain since building the upward trend, or it corrects downwards to $3-5. The market is quite unpredictable at the moment because bitcoin seems to have strong influence on all other assets.
I've been hoping for BCH to make a stand while BTCUSD is decidedly bearish & heading for 9k if not lower. Today, we see that BCH has broken the channel (see linked post). There's a high chance that it'll fall deeper against BTC. I still expect a small pump tomorrow. But I don't think this will make a difference. The shills for BTC have successfully convinced that...
Unfortunately, briefly after I updated my previous post BTC crashed. This has posed a systemic risk in the entire market, and BCH fell extraordinarily hard. It was this hard, I believe, because many people suffered from long squeeze when their positions from the rally this week became untenable. I myself had to close half to deleverage and reduce risk exposure. I...
Bitcoin has enjoyed its status and name recognition but hasn't received much-needed updates to resolve problems with its fundamentals. It's my belief that sooner rather than later it'll be displaced by one or hopefully several other better-qualified alternatives. If we look at the chart, in Oct the weekly and monthly EMAs crossed twice & each time the price...
While the bitcoin bubble is not unnecessarily going to burst, we must consider this possibility. I believe ETH is a relatively safe haven due to its clearly-defined support zone & more sound fundamentals. The chart is pretty self-explanatory. $575 is the .236 level & the monthly EMA support $485 is the previous breakout after a half-month consolidation ...
As the chart shows, in 2017 we've had several rounds of rallies: All started with the weekly EMA crossing the monthly EMA. All ended with a long-tailed pin bar that closed under the weekly EMA. All retraced to .382 levels. All accompanied by volume movements. Today: We just had a long-tailed pin bar that closed under the weekly EMA. We haven't...
As the chart shows, retracements in the last six months have become shallower & shorter. Many believe that currently BTC is going to shoot up again. Personally, I do think it is unlikely to fall much further. However, the recovery may not be swift: 1. All indicators still suggest overbought condition + bearish divergence. 2. The 20k resistance is too close. 3....
As trading on Gdax went live, there was a round of selloffs for fear that a huge dump will come. I believe most people on Gdax are investors, not shills of any coin in particular. Therefore, I believe the selloff is temporary. It would be very amateurish to sell into a dump. From the current rally, we see that BCH retraces to 0.5 and 0.618 levels. Unfortunately,...
Dash just broke $1k resistance. It looks like it's going to test support at this area before further gains. The chart is pretty self-explanatory.
It has been some days since my last update on XMR. I admit I sold it in the interim. I originally predicted $400 by the end of that week, but it didn't happen (BTC jump). The chart is quite self-explanatory. I think it may be possible to get in at $340 still, as in shorter timeframe there's a slight overbought sign (UO gets high). Check my site: www.jlteng.com
Coinbase just added full BCH support. We can ask whether 1. The pump is the result of knowing this addition beforehand or 2. The addition is pushed forward because of this pump But it makes no difference for us. I think $3000 & $2800 are good support levels. While the target could be $5k by Christmas if there's no selloff on CB. We should be alert...
I take on IOTA is that it's in a descending triangle. There have been several rebounds, yet the last one didn't even touch the resistance. Today, IOTA is seeing a small jump. In my opinion, this is a technical rebound (see indicators) from oversold conditions. I think it's likely that IOTA will break down the support to test the original trendlines before...
This is just a quick update on EOS. Obviously it's bullish. Nevertheless, we can expect some minor retracement before further gains as we're currently overbought. My long-term target remains 0.05ETH by Q2 of 2018. If I had to take a guess $10.8 would be a good long entry. Check out my website: www.jlteng.com
In the long term, I believe EOS is extremely bullish. Nevertheless, it's overextended and more corrections may be coming. We can observe bearish divergence in the past few days, too. Unlike IOTA, EOS has not overextended as much. (note IOTA has much higher supply) It's possible that a new trend line is legitimate. For extreme bullishness, a rebound @ .618 = $7.2...
I haven't posted anything on ETH recently largely because EOS provides much better growth. Still, ETH now is looking very bullish. It appears to be in a rising triangle with two breakout scenarios. I personally believe the right one (i.e. to retest the support first) is more likely because the indicators show a lack of preparation for breakout. Judging from the...
After a rounding bottom reversal, ETC has been quite volatile in the 1x to 1.618x zone. Earlier, it has finally broken the 1.618 resistance. It's normal to see a retracement to around this level before further gains. The indicators don't show an overbought situation on the 4h scale, but for 1h they do. Perhaps this retracement will only last till around 12-13...