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 — As mentioned last week a high retest is occurring. 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 and target is between 47000 and 45000. This is likely a larger retracement pattern give the price action on ETH and LTC.
ETHUSD – A nice flag is forming here which appears to be an expanded flat. Look for a break of monthly pivot this week at 1780 and lower prices as wave C plays out.
LTCUSD – Trend line resistance here and more of a classical representation of a retracement pattern. Looking for trend line resistance to hold and lower lows should play out this week. 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.
The high retest has played out and likely we see a reversal this week. All three instruments are in different patterns all calling for a wave C this week. 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.