Charts, Charts, and More (Simplified) Charts : A Cryptocurrency Update for 5-8-2018

in #cryptocurrency6 years ago

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Random thoughts for entertainment purposes on cryptocurrency short term prices. This post is purely for entertainment value alone, and is not intended to represent or constitute financial advice. Always provide your own due diligence and risk management in respect to investments.

Well I’m doing it; I’m going to change the format of my charts. I am clearing up the clutter, as it were. In attempt to simplify and make the charts less confusing for me, I will continue to leave targets out there that were previous charted and posted to the blockchain, but will keep it simple for me and for you on the daily updates. Inspired by cleaning my office today, I figured I’d do the same with my crypto charts. Summer is here, my office is about 55 F, I'm wearing gloves and a fleece, and I’m ready for a change. Also, with less clutter comes more charts, so I’m going to update the top 10 cryptocurrencies by marketcap daily (disclaimer: I own some portion of all of these now, but my primary holdings are in the Coinbase offerings, Digibyte, and Kucoin - don’t worry, I’m not updating Kucoin daily - otherwise I’d be even more depressed).

So let’s do it already...

Bitcoin

Screenshot 2018-05-08 at 8.23.22 PM.png

In a moderate holding upward pattern, with the preexisting targets still long. The MACD, however, is turning over, indicating that Bitcoin is overbought.

Ethererum

Screenshot 2018-05-08 at 8.23.50 PM.png

Also in an upward channel currently; the key line to watch is the red line, and whether price closes below it. The MACD has yet to turn over, but looks like it wants to

Ripple

Screenshot 2018-05-08 at 8.24.09 PM.png

In a symmetrical wedge, but now with some downside bias. The MACD has rolled over, a trendline is pierced, and we have a short target of $.69 USD / coin.

Bitcoin Cash

Screenshot 2018-05-08 at 8.24.34 PM.png

Still in its healthy bullish channel, and waiting on a new trade signal.

EOS

Screenshot 2018-05-08 at 8.24.52 PM.png

Price is in a symmetrical triangle, and awaiting a price move. The MACD has turned over, so in theory price will retrace a bit in the coming days. No price target at this time.

Litecoin the Laggard

Screenshot 2018-05-08 at 8.25.10 PM.png

No new trade setups. The MACD level is (surprise) lacking in comparison to the other coins. We’ll see, Litecoin, we’ll see...I still haven’t cash you out yet. And surprise! I didn't buy another Litecoin t-shirt last night.

Cardano

Screenshot 2018-05-08 at 8.25.22 PM.png

Awaiting a short target to come to fruition with this coin. The current short target is $.26 USD / coin.

Stellar

Screenshot 2018-05-08 at 8.35.53 PM.png

This one has broken down, and already acheived its short target. I’m not going to include it in the larger data sample for this trade system, as I just started looking at it. But the MACD is on its way down, so we’ll see.

IOTA

Screenshot 2018-05-08 at 8.26.13 PM.png

Currently in a broadening ascending wedge, this one is the one bullish one on the evening with a price target of $2.70 USD / coin.

Tron

Screenshot 2018-05-08 at 8.26.29 PM.png

Another one many think is fraudulent, but currently the #10 coin by market cap. This one triggered a short sell with a target of $.055 USD / coin, and the MACD is turning down. It’s in a bullish chart formation, however, so one to use a stop on.

In summary, we have :

  • Three short targets active
  • One long target active
  • 60% of the top ten coins with a negative MACD, implying a downtrend across the spectrum of coins

DIgibyte

Screenshot 2018-05-08 at 8.26.42 PM.png

Why can't Digibyte be in the top 10 already? Let's go already Coinbase...you know it's the right thing to do. In the meantime, there are not trade setups in play.

Steem

Screenshot 2018-05-08 at 8.26.54 PM.png

Steem is a holding pattern, but is in a descending, collapsing wedge. That typically is bullish. Maybe we wait out this retracement until better things?

As always, I'm in until the bitter end, no matter what Bill Gates and Buffet's lackey says. Let's get to Luna, already.

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