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 — Still standing aside waiting on the next long setup – as discussed a few weeks ago – we took profits and expected a consolidation to play out, still playing out. I’d rather be in and out of a market like this so still waiting on the next long setup. Patience is key and the next setup will come in a few weeks. We exited Cryptos three weeks ago near the high.
ETHUSD – Consolidation continues and we made the support test at monthly pivot at $183. Expected sideways consolidation into early June and then the next legg up. Wait for the next long setup near the monthly pivot again.
LTCUSD – Looking for a marginal higher high and a sideways consolidation here. Stay in cash and wait for the next long setup in early June. It will be obvious on RSI where the entry will be – until the DON”T GET CHOPPED UP.
An over throw of the upper channel trend line is bearish short term and the pull back / consolidation is playing out as discussed. Play the long side and stay with the trend…. wait for the next long setup. Patience is a key skill in trading, nothing to do right now in Cryptos except wait. Trade Smart and Trade Safe.
31st May 2020