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 again and wave Ys sometimes extend…. at this point RSI divergence is broken so we are likely going to see a pull back and higher high to end this advance. A lot of weak hands are holding BTC so likely we see a strong move lower one we break 36750. Into February, I am looking for a move as deep as 29250 and a higher high as the high window for BTC is still March. This should conclude the first major move higher and with a pull back into late June then see major degree wave Y to begin. More upside to come in BTC.
ETHUSD – On Friday, the start of a rejection? I need to see continuation lower and a break of weekly pivot at 1073 to open lower prices. Again, the March high window is still expected as the high for ETH and USD should decline for years so I am longer term bullish this currency pair.
LTCUSD – Wave Y may be completing at the 1.236 fib extension and looking for a turn and broken tend line resistance. We still need to move higher into March so 215-225 is still in reach. LTC has played catch up with the rally last week.
Crypto’s have all made higher highs since last week and they have extended which wave Ys sometime do. Negative D on RSI on LTC only and broken on ETH and BTC. Likely we see neg D reform before the turn so a marginal higher high is possible. We are so extended here that a pull back, once it confirms, should break lower quickly. 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.
10th Jan 2021