Crypto-Currencies: Bitcoin, Litecoin and Ethereum for September 18th

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.

A major development last week in Crypto, the ETH Merge completed. The Merge allows more users to participate in Ethereum’s network by earning rewards on staked ETH. This should attract institutional investors over time. Sharding, which can speed up transactions and lower fees, is the next big innovation planned for Ethereum which should attract the general public. Compared to Bitcoin’s proof-of-work system, Ethereum’s new proof-of-stake consensus mechanism will require far less energy. We will start seeing pension funds who are seeking better yields beginning to enter the ETH blockchain.

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. This is a major turn in Crypto and looking for this reversal across the board.

ETHUSD –   No change in forecast here, a higher low is likely here into 1179 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 complete 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 the 3rd SD band, once seen look for a long term long and hold.

LTCUSD –  Same forecast here too, lower as expected and a retest of the low coming. Also a possible higher low at $39, if we convert this area then a lower low will open.

The highly publicized ETH Merge has completed.  I do expect ETH to outperform other Cryptos over time. 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.  Mind your risk until the turn is confirmed. This is a significant long setup across Cryptos.  Trade Smart and Trade Safe.