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 BTC saw the lower low option and exceeded the 42000 target as Crypto’s have deeply retraced. On the next decline of the USD expect a rally on Cryptos as this decline is just a retracement on BTC. Likely this is a flat type structure and can see a lower low first for a wave 5 of C before reverting higher. 78,554 is target and this week I am expecting a turn.
ETHUSD – As mentioned we have seen another legg lower and it appears we are close to a turn. A marginal lower low for wave 5 of C can still play out. I would expect the next rally to begin from this area. I am looking for a long setup this week A double bottom setup is likely here. More upside is expected and I am still bullish Cryptos.
LTCUSD – LTC has been the deepest decline in percentage terms and the expanding diagonal structure gave clues a few week ago. LTC can rally directly as we are touching the base trend line. Watch the USD for clues as I am expecting another decline in the Dollar. I am looking for more upside here longer term.
The retrace has played out and we are at a base trend line on LTC. Look to scale back into positions as we may see a a turn this week driven by the USD. BTC is the least impacted by the decline and the flat strucitre calls for a reversal. I do expect Cyptos to continue to advance as the DX will continue to be devalued for the next year or more. All retracements are a buying opportunities. More volatility to come. I remain bullish Crypto’s. Trade Smart and Trade Safe.
23rd May 2021