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 — It appears that we may be forming a triangle, which is a continuation pattern and in this position may also be a termination pattern for the first major legg higher in BTC. The lean is higher into 15000 and if a triangle is forming this is likely a termination move for this legg calling for a larger retest – typically back into the triangle. This week we should see upside in price to the upper trend line.
ETHUSD — ETH is not correcting in time, it is correcting in price. So corrections in time are basically compression patterns like triangles. In this case no compression just lower prices so a correction in price. Likely ETH is in the last wave here and looking for a reversal this week.
LTCUSD – We did not find support here as mentioned last week. I am looking for a reversal this week as we have a correction in time finishing. The reversal should mirror the one in BTC.
BTC may be correcting in time with a triangle, if so, likely the move higher will terminate this rally. Time will tell. Other Cryptos not correcting in time, so just a pull back before the next rally. Given BTC’s position in the triangle, looks like a reversal should be expected this week. Trade Smart and Trade Safe.
18th Aug 2019