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 — Still looking for a major turn in Cryptos, and waiting for the 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.
We should see more mainstream adoption of Blockchain in 2023. Cryptos are very close to a long term reversal here as this consolidation pattern continues sideways. 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. Trade Smart and Trade Safe in 2023.
08th Jan 2023