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 — Looks like the X wave is in and I am expecting continuation higher into 15,000 next as the first wave higher on BTC. Likely we convert the blue line which is the monthly pivot this week. As long as tariffs stay in place likely the Chinese will continue to use BTC as protection against Yuan devaluation.
ETHUSD — Retracement wave looks complete, not much separation from the low yet. I am expecting the low to hold and ETH to follow BTC. It likely will not respond as well as LTC and BTC, but the lean is higher directly into the Monthly Pivot.
LTCUSD – A three down retracement wave appears complete here, and much deeper than expected. LTC has seen a larger move off the bottom so retraces may be deeper but the upside is likely open, the low needs to hold, expecting continuation higher.
Cryptos may have reversed and are in the next legg higher. A negative D setup on RSI is what I am looking for in the next 6 weeks at the next higher high. No resolution to the trade war so money should continue to move into Cryptos driven mostly by China, see the next tariff from Trump and we will run higher directly. Trade Smart and Trade Safe.
21st Jul 2019