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 wedge we were expecting to break up – broke down. Likely we see a small retrace this week and a lower low to set up positive divergence on RSI and then the next rally. Watch 6600 for support and a reversal.
ETHUSD — The consolidation pattern broke down and we are oversold on RSI – likely we see a small wave 4 and lower for 5 to set up positive D here also. Watch for a reversal around the 131 area.
LTCUSD – Not much bullish action yet, I am watching for the monthly S1 pivot for a possible test this week, we should see positive D on RSI here also, LTC is oversold and a marginal lower low provides a nice setup.
The trend according to my cycle work is still up. We did break down last week and may still see a marginal lower low for the next long setup. We are oversold across the board which favors the bul camp in the short term. Trade Smart and Trade Safe.
24th Nov 2019