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 — At this point, BTC is heading lower and I am waiting for a setup. Sideways price action here is compressing and I see a lower low this week. Looking for the monthly R1, around 8700ish as a target. Once seen looking for the next rally to begin. I am patiently waiting on the entry, there is no entry here currently.
ETHUSD – A potential triangle is forming here. Would still like to see the retracement in price instead of time with a lower low to the S1. Above the R1 invalidates this scenario. At this moment waiting to see how the compression resolves.
LTCUSD – We are retesting now and should see a lower low this week. Convert the R1 this week and we see the next rally on LTC – this would invalidate the lower low scenario. At this point, there is no quality setup so a lower low get me long when seen.
Welcome to the summertime tape and more sideways chop in Cryptos. Still waiting on a good entry. We can see a lower low this week on BTC.. My concern here is a triangle forming which would have a bullish bias as it is a correction in time instead of price. Staying with my initial read on the structure and watching carefully this week. Any conversion of the monthly R1s on any Crypto and we have the next legg beginning. Patience is key with Cryptos. Trade Smart and Trade Safe.
19th Jul 2020