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 — Mentioned last week that we would see a reversal in BTC as structurally we hit target. Likely at this point wave A is in and we have a 20+% correction. A B wave is needed then wave C. Looking for a three wave move and a correction that takes a bit more time as we just completed a major wave higher. Expecting support at 40700 and higher highs in wave Y.
ETHUSD – 5th wave completed as mentioned last week and the pull back was over 30%. As mentioned last week we were ending a major structure in ETH and this week we should see a B wave then lower lows or a double bottom before seeing wave Y transpire to the upside.
LTCUSD – Called the correction here too and this pull back was over 35%!! We have already hit target for the retracement and we can still see lower lows. This retrace needs more time so expecting a B wave and then lower lows of a double bottom to then see wave Y to the upside.
BTC made the turn as discussed and was at the end of the wave 5 of a bullish structure. Now we should see a consolidation, meaning a rally of 10% or so then a wave C lower. I am looking for a setup long, at this point this is not it, waiting for quality. 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.