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, nothing new here except the potential bank contagion at Credit Suisse which could have an impact this week. 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 look for a long setup. This is a major turn in Crypto and looking for a reversal across the board and a long term uptrend.
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 will 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. Possible higher low at $39, if we convert this area then a lower low will open.
ETH should outperform other Cryptos over time with the Merge complete. With ETH playing out lower into a wave C, should be a higher low, look for the rest of the market to follow and make lower lows. Bollinger bands are extremely tight and should expand for the low. More downside expected short term, 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.
02nd Oct 2022