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. The turn is in as discussed and lower lows are playing out. RSI not yet at target yet we should see an RSI of 30, still needs another legg lower to 18500-700. The ETH chart is more significant than BTC.
ETHUSD – The turn is in and 5 up structure now retracing. Should see 1340 and if support, we have a long term reversal in ETH and likely the Crypto sector.
LTCUSD – The turn is in here too and lower expected to play out this week to $77-78 then look for a turn to confirm a longer term uptrend that may be beginning.
We have a possible reversal here in Cryptos, but not enough price action to confirm. Currently we are 5 up and have reversed so looking for a lower to complete the pattern. Watch ETH as it is the best formed pattern among the Cryptos. Long term reversal expected here, waiting on the confirmation when we find the expected support. Trade Smart and Trade Safe.
12th Feb 2023