This is a weekly post covering Cryptocurrencies, specifically 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 — No change in forecast, lower still expected on BTC. We could see as low as 16000 which would be more of a wash out and buy-able low. Bands need to expand and expect a band ride lower then looking for a long setup.
ETHUSD – No change in forecast here, a higher low is likely here into 1250 as wave C plays out. A lower low is a gift and a strong buy if seen. This is my preferred Crypto and with the merge coming this week which is going to enable pension funds to enter the Crypto market in search of higher yields. We should be seeing institutional support later this year. Not yet at 3rd SD band, once seen look long.
LTCUSD – Same forecast here too, lower as expected and a retest of the low expected. Also a possible higher low at $39, if we convert this area then a lower low will open.
The highly publicized ETH Merge is coming this week which will open ETH to institutional investors in the search of higher yields. This may be a sell the news even and if seen look to buy it. I do expect ETH to outperform other Cryptos. With ETH playing out lower into a wave C for a higher low, look for the rest of the market to follow and make lower lows. Bollinger bands are extremely tight and are expanding. More downside expected first, the a long setup with RSI in the 30s expected. Watch for a sell the news event this week. Mind your risk until the turn is confirmed. This is a significant long setup across Cryptos. Trade Smart and Trade Safe.