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 may be indicating a longer term turn in Cryptos as discussed. We may be in a flat which would call for lower prices in BTC to 14500 but we see a shallow retest and higher highs, this will signal a turn. 5 waves up here on BTC and ETH, look for a retrace this week, neg D on RSI. 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 may break down but if the lower trend line is support and we break to a higher high then long term turn is im. Break the lower trend line and we will see a lower low.
We have a possible reversal here in Cryptos, but not enough price action to confirm. Currently we are 5 up and looking for a pull back with neg D now confirmed on RSI. Watch ETH as it is the best formed pattern. Cryptos are very close to a long term reversal. Trade Smart and Trade Safe.
29th Jan 2023