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, sideways consolidation points for a lower low. Should see the move this week with a reversal that converts 18750. WAIT FOR A CONFIRMATION before making a long trade here. A major turn in Crypto is brewing and looking for a reversal across the board and a long term uptrend.
ETHUSD – Small consolidation pattern from last week says lower lows. RSI needs to see a lower low first. Wait for a confirmation above the declining resistance trend line for a confirmed turn.
LTCUSD – This pattern is a flat, so expecting a lower low and a wave C appears to have just completed. Lean lower here and a lower low create a decent long setup.
Cryptos are very close to a long term reversal here. Watch BTC for clues as it should lead the way higher. The declining resistance trend lines when they break and convert, buy Cryptos!! Still looking for a long term trend up so mind your risk until the turn is confirmed. Trade Smart and Trade Safe.