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 — So far so good on the triangle – wave D is the current small uptrend which is expected in three waves to the trend line then the pullback for wave E and then the thrust higher. As the tariff was turns into a currency war we should expect to see Yuan devaluation continue and continued money flow into Cryptos. Target is still 15,000.
ETHUSD — ETH is correcting in time and has not rallied and I’m not expecting much until the triangle resolved higher on BTC. We should see a higher high eventually on ETh. The current low should hold as we have printed wave C on the triangle on BTC.
LTCUSD – Looking for the declining resistance trend line to break and convert to open the upside this week. When BTC breaks out of the compression pattern, we should see an expansion in the other Crypto’s including LTC.
BTC may be correcting in time with a triangle, if so, likely the move higher will terminate this rally at 15,000. Given BTC’s position in the triangle, we should expect wave D to finish this week. Other Crypto’s should follow suit to the upside once the triangle breaks. Trade Smart and Trade Safe.
25th Aug 2019