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, confirmation of the turn occurs above the middle band which is currently being tested. Convert the middle band this week and we see a typical turn sequence for Cryptos……. See the lower 3rd Bollie, then see the upper Bollie, then see the middle band hold as support and then see a band ride higher. We are at the critical junction where this week a move higher needs to occur. Bulls are in must perform mode and the USD needs a haircut.
ETHUSD – Trend line support just below and expecting the trend line to hold. Lean is higher and next step up is the upper band, then middle retest and higher highs.
LTCUSD – Not much to work with here – the lower low from the three down needs to hold at the third Bollie and expecting a run into the upper band and higher into $265.
So far so good on the reversal discussed a few weeks ago. Currently expecting middle bands to convert across the board and BTC the first to be at this test. Bull must perform this week to see continuation higher on Cryptos. USD should continue to devalue and expecting Cryptos to continue to be bullish. The latest USD rally is a result of a news reaction to the Fed meeting last week so lower is more likely here. All retracements are a buying opportunities. I remain bullish Crypto’s. Trade Smart and Trade Safe.