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 — 5 down playing out as described last week and lower still the direction in the short term. Wave C playing out here. The decline is expected to continue into 16345 or the broken rising resistance trend line. Watching for a completion of the retracement and then higher highs into March as discussed. The trend line that has been overthrown is possible support, I am expecting the floor ceiling just below.
ETHUSD – So far so good on BTC and ETH. Likely w are in wave C now and more downside is expected This is an extremely overbought market and as a result lower bollie is the next target for the retrace. I remain bullish into March, more upside to continue.
LTCUSD – So far so good and just a step ahead of the other cryptos. Look for low for wave C into $65 then a higher high into March as discussed.
Crypto’s have all retested the high which is a bearish sign given the RSI setup. Looking for a decline this week into the targets already mentioned. I will be looking for a positive D setup on the completion of the 5 down and wave C and I remain bullish Crypto’s into March of next year. Trade Smart and Trade Safe.
13th Dec 2020