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 — Price action last week may be indicating a longer term turn in Cryptos. We may be in a flat which would call for lower prices in BTC to 14500 but we can see a shallow retest and higher highs which would signal a turn. The ETH chart is more significant than BTC.
ETHUSD – The consolidation pattern is signalling continuation lower and we are at resistance so watch for a pull back this week. If we see monthly pivot at 1265 then a new high then the turn is in. Or we convert 1265 then we see the lower low to 1050. Either way look to buy ETH and other Cryptos, long term signal is forming.
LTCUSD – Megaphone pattern here may break down but if the lower trend line is support and we break to a higher high then lean long. Break the lower trend line and we will see a lower low.
Price action last week showed volume and bullish price action which can still be considered wave C of a flat. This we should clarify if there is a long term signal here based on the commentary above. Watch ETH as it is the best formed pattern. Cryptos are very close to a long term reversal here as this consolidation pattern continues sideways and has not broken…. yet. Watch ETH 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.