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 rallied last week and made a higher high as expected. We are at target for the March window and early. At this point I am looking for a reversal pattern, so a pull back, double top and a reversal. I may be a bit early here but at this point, a retrace is needed. I would not short this instrument, simple look to buy more on the pull back. Major degree wave Y is still to come after the retracement.
ETHUSD – Rally as expected and while BTC is at the upside target for March, ETH is a little short. This appears to be a 5th wave and likely we see a pull back into 1500 and then the next major advance. Watch for a pop and a drop this week.
LTCUSD – Impulse higher as expected and very extended above the monthly R2. Still not at $254 target but that can happen in one day. The march highs are here now and look for a pull back into 190s for another buying opportunity.
BTC has made the march target and may for a reversal pattern this week. This is NOT the spot to short BTC or the other cryptos. LTC and ETH are just shy of target so will be looking this week for a reversal pattern. Look for a double top and a retracement. The next major pull back is a big buying opportunity. These pairs will continue their bullish run as the USD continues to fall throughout the year. I remain bullish Crypto’s. Trade Smart and Trade Safe.
21st Feb 2021