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 — Turn is likely in but not confirmed yet. BTC still needs a pull back first and a support test. RSI not yet at target yet we should see an RSI of 30, still needs another legg lower to 18500-700. This is a significant turn in Cryptos, expecting to see significant upside from here.
ETHUSD – The short term high 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 $78 then look for a turn to confirm a longer term uptrend that may be beginning.
We have a possible turn here in Cryptos, looking for more upside after a retracement. 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. The turn may be in, waiting on the confirmation when we find the expected support. Trade Smart and Trade Safe.
19th Feb 2023