Happy Holidays to everyone. All the best for the New Year!! Covering Cryptos this week, 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 — The low did not hold last week and 32400 support is likely the next test. I am expecting a squeeze this week and if it converts 38600 and the declining resistance trend line we have made the turn. Resistance there calls price lower to retest the low.
ETHUSD – Lower low here too and a nice channel setup. Looking for a squeeze higher this week and a conversion of the trend line at 3190 would open higher highs. Resistance at that area calls price lower to the second longer term support trend line at 2000. Watch for the conversion this week. ETH should be the first to cross it.
LTCUSD – A modest lower low and we almost have a full double bottom retest. Look for a conversion of 156.50 to confirm the next major rally higher.
Capitulation in any market is a longer term opportunity to buy. We saw last week capitulation in stocks and Cryptos. Look for a major squeeze this week and check the confirmation levels given as if they convert we should see the start of the next major move higher. USD is at a pivot and a turn lower here would help. ETH is the crypto to watch as the bullish move may be more pronounced. Trade Smart and Trade Safe.
23rd Jan 2022