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 triangle may be in trouble as we broke the support trend line. I am counting on this being an over throw as the Chinese Commerce Minister made comments to support a tariff de-escalation which did not occur. Continuation higher is expected in BTC. Still looking for wave D in three waves to the trend line then the pullback for wave E and then the thrust higher. As the tariff war 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 — On ETH, I’m not expecting much until the triangle resolves 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 which should see continuation higher this week.
LTCUSD – Probing the low here ad no reversal pattern yet, but looking for the Monthly Pivot (blue line) to convert into support. That seen, we have a reversal in LTC. When BTC breaks out of the compression pattern, we should see an expansion in the other Crypto’s including LTC.
BTC has broken key support and with the news bombs on the tape, this could just be an over throw. The low from last week needs to hold and continuation higher is required. Bull are in must perform mode. Given BTC’s position in the triangle, we should expect wave D to finish higher this week. Trade Smart and Trade Safe.
01st Sep 2019