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 Happy New Year!!! One of my predictions for 2023 is that we will see early majority adoption advance in 2023 with blockchain technology….. The light weight, junior business players will be replaced by yield oriented, customer facing corporations. Still looking for a major turn in Cryptos, and still 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 in 2023.
ETHUSD – The consolidation pattern is signalling continuation 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 against the trend line. Lean lower here and a lower low will create a long setup.
Cryptos are very close to a long term reversal here as this consolidation pattern continued sideways. We should see more mainstream adoption of Blockchain in 2023. Lower lows are still needed for the long setup. Watch BTC for clues as it should lead the way higher. 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.