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 — Target made at 16000 and looking for a long setup, we can still see a minor lower low. FTX bankruptcy in the news which is driving the entire sector lower. This is still a major turn in Crypto and looking for a reversal across the board and a long term uptrend. WAIT FOR A CONFIRMATION before making a long trade here.
ETHUSD – Target made here too. Looking for a long setup, RSI needs to see a lower low first. Wait for a confirmation above the declining resistance trend line.
LTCUSD – Almost made target here and can see a bit lower first before a turn. We are close here but RSI is not ready yet.
As mentioned last week the retracement pattern was in progress and the charts needed a lower low. FTX and the news has certainly helped and we can still see lower lows for a long setup. Watch BTC for a reversal as this should lead the way higher. Declining resistance trend line when they break and convert, buy Cryptos!! Still looking for a long term trend up so mind your risk until the turn is confirmed. There is a significant long setup in Cryptos coming. Trade Smart and Trade Safe.