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 is at a critical point and I am expecting a decision this week. The lean is higher as this appears to be a continuation triangle. We should see a break up and a retest of the triangle before the big rally starts. Keep in mind there is a 30% chance we break down. With the compression here, we are about to make a big move.
ETHUSD — The lean in the triangle on BTC is up and ETH is the canary in the coal mine as it rallied last week. Expecting a 5th wave this week and retest before seeing continuation higher to target. Always a good idea when you trade an instrument to track sister instruments to get clues to direction.
LTCUSD – The rally has begin on LTC, we have broken the triangle and I am expecting continuation higher from here. BTC breaks out we should see follow through on LTC.
The triangle has been weeks in the making and the range trade is about to end. A decision is expected this week. Break up from the triangle (70% chance) and we see the rally. Bulls are in must perform mode. Given BTC’s position in the triangle, we should expect a break later this week. Trade Smart and Trade Safe.