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 — Wishing everyone a very Merry Christmas and a Happy New Year!!! No change in forecast here and still waiting for a long setup. Consolidations take the time they take so being very patient here. A major turn in Crypto is brewing and looking for a reversal across the board and a long term uptrend. A lower low is still needed.
ETHUSD – Small consolidation pattern which is a continuation pattern which points lower. Still expecting a lower lows here and as the S&P drops we may see some pressure this week.
LTCUSD – This pattern is a flat, so expecting a lower low and the wave C appears to have completed. Lean lower here and a lower low creates a long setup.
Cryptos are very close to a long term reversal here as this consolidation pattern continued sideways. Lower lows are still needed for the long setup. 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. Happy Holidays to All!! Trade Smart and Trade Safe in 2023.
24th Dec 2022