I plan to cover just three cryptos every week in this post: Bitcoin, Litecoin, and Ethereum. These instruments provide trading opportunities with out sized gains. I hope the analysis presented here helps you profit in these instruments.
BTCUSD — The wave X or C as discussed last week is playing out in time verses price. This type of retracement pattern looks like a triangle which is forming now. From this compression pattern we will likely see a terminal thrust higher to complete the first sequence into 15,000. The broken trend line will likely hold as support and I am expecting the last legg higher to complete this pattern.
ETHUSD — Wave X is playing out like BTC – in time instead of price. Compression forming and higher prices expected directly in a terminal thrust from a triangle. Watch for a move into $434 next.
LTCUSD – No triangle here and a good example of why to track multiple Cryptos. LTC showing a standard flay, three back in the expanded version to finish a wave X – Monthly pivot support and higher expected next. So likely if this has turned, then others will also out of the triangle formations. Always a good idea to track instruments that correlate and go with the simplest patterns and formations to predict price movement.
Setting up a last move higher as triangles are a continuation pattern that come before a terminal move. We have a least another week of upside, maybe two. No resolution to the trade war so money should continue to move into Cryptos. See a resolution to the trade war and we see a move lower across the Cryptos. Trade Smart and Trade Safe.