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 low retest has occurred and now look for more upside in BTC to the resistance trend line. ETH and LTC have squeezed higher and BTC should follow.
ETHUSD – Middle band retest and higher highs and ETH has broken out to the upside. We have made the 100% fib target and likely we see this week a retracement. Just a reminder that all retracements have coincided with the USD and have been 20% or more. More upside is expected once the retrace completes.
LTCUSD – A squeeze here last week also and we have made target ay 375 and made it EARLY. Looking at the structure for wave Y we have an expanding diagonal and we could still go marginally higher, but this structure is often deeply retraced so do not be surprised by a retrace over 20%, we have seen this movie before.
Big squeezes in ETH and LTC last week and the structure of wave Y for LTC shows and expanding diagonal. Scale out of positions here and get ready to scale back in as retracements have been violent and only a few days in length. When the USD has a rapid decline, as per last week, we will se Crypto’s soar. BTC is lagging and I expect it to catch up. DX will continue to be devalued for the next year or more and Cryptos will continue to climb. All retracements are a buying opportunity. The next legg higher after the retrace on ETH and LTC will be much slower and choppy in nature. More volatility to come. I remain bullish Crypto’s. Trade Smart and Trade Safe.
09th May 2021