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 — BTC has extended since last week and is in a wave Y which sometimes extends further than expected. Negative D on RSI has broken which is a sign that we may see a small pull back and higher high before a reversal. BTC is in need of a pullback and higher prices into March as discussed. I remain bullish and am looking for a retest of the broken resistance trend line.
ETHUSD – A higher high here also and negative D on RSI is holding. Looking for a reversal into the end of January and higher into March 18th. Completing a wave Y here and retest may be shallow to the top of the previous degree wave Y. I remain bullish into March, more upside to come after a pull back/ consolidation completes.
LTCUSD – Wave Y may be complete here with negative D setup on RSI and likely we see a pull back and higher highs as discussed. I have extended the target to the 100% fib here as we have the time to get there. Watch for 112 as a support area. I am still expecting a higher high into March as discussed.
Crypto’s have all made higher highs since last week and they have extended which wave Ys sometime do. Negative D on RSI for ETH and LTC and a decision this week. Either we break Negative D on ETH and LTC and continue higher (lower odds) or we see a sell of this week and start a consolidation and another big move higher. Take some profit here and hold a small position long and add size lower. I remain bullish Crypto’s into March of next year. Trade Smart and Trade Safe.