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. Looking for a shallow retest and higher highs, this will signal a turn. 5 waves up here on BTC and ETH, look for a retrace, neg D on RSI. The ETH chart is more significant than BTC.
ETHUSD – Watching for a longer term turn here and if we see 1340 support or 1250 support this signals a turn and new highs coming. Waiting for a confirmation, 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 in.
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 for ETH and BTC. Watch ETH as it is the best formed pattern. Cryptos are very close to a long term reversal. Trade Smart and Trade Safe.