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 — This week caution advised as we are three back and a high retest could occur. Looking for the remainder of wave C lower to complete the retracement pattern as discussed. Again, looking for a break of the 2nd SD band to consider a long. This is likely a larger retracement pattern give the price action on ETH and LTC.
ETHUSD – Lower high and now wave C is playing out. Could turn into a running flag so watch the structure as this unfolds lower. Looking for the 1300 area for a long setup.
LTCUSD – Wave C underway here and looking for a double bottom. This chart a better classical representation of a retracement pattern. Likely we see the lower low here then the reversal. Good to correlate turns across all three of these instruments as the patterns a usually slightly different and one usually is simple to interpret.
Cryptos all moving in sequence into a wave C and likely all three will retest the low. I am expecting the next big advance after the low retest occurs. 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.