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 — Retracement pattern is topping out here and a retest of the low is likely, can see as low as 16,000. This is a major turn in Crypto and looking for a reversal across the board and a long term uptrend. Should see this move start this week, wait for a confirmation.
ETHUSD – Made trend line resistance as expected and the retracement pattern is topping out here. Once the trend line proves resistance then lower lows to at least 1100 is likely.
LTCUSD – Overshot resistance and overbought here. Should see the low retest this week and lower lows expected for a long term setup.
As mentioned last week the retracement pattern was incomplete. At this point It appears done and looking for a confirmation of the last move lower. Watch BTC for a reversal as this should lead the way lower. Still looking for a long term setup so mind your risk until the turn is confirmed. There is a significant long setup coming across Cryptos, setup is coming. Trade Smart and Trade Safe.
06th Nov 2022