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.
Happy New Year to All – wishing you and yours all the best for 2020 and beyond!!
BTCUSD — A candidate low is in place and a possible break and convergence of the middle bollie is in progress. A break of the declining resistance trend line is bullish and would complete the retracement. Not a bad swing long setup with a stop below the low here. Looking for higher into next year and 15,000. Monthly pivot once broken and confirmed will need to hold as support
ETHUSD — Look for a possible rally in BTC and we could turn higher directly. The compression pattern that is forming should expand and the declining resistance trend line should break up. If we see the lower low, watch for a reversal around the 131 area.
LTCUSD – LTC is in a compression pattern and I am expecting the pattern to expand to the upside. LTC is oversold and a marginal lower low provides a stronger setup if seen. If we convert the middle band we head higher directly.
This week with all market participants back in action we should see the compression break higher. No change in forecast from last week. My lean is higher directly and if seen the positive D may not happen on ETH and LTC. Have a Happy New Year and Trade Smart and Trade Safe.