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 — BTC is still printing a flag and a rally expected into 37000 then 43500 – if we convert both then expected higher highs. We can see a deep retrace from that area directly into 23,000 support zone. Middle band should convert into support to confirm the next rally. USD need to turn on order or this pair to bet bullish.
ETHUSD – Not much change since last week, still printing a flag and looking for the resistance trend line to convert. ETH look for 3250 to convert to confirm the uptrend. If it does not convert we can see follow through lower to 2300. Decision getting made in the next rally.
LTCUSD – Lower band is critical support and so it the base trend linbe. Lean is long and expecting a turn and higher prices. Watch 123 and a conversion and higher highs. If not we can still see the support trend line.
Cryptos need a rally to test a resistance levesl to confirm the next legg higher. These confirmation levels are critically important from a pattern point of view. Break up and convert those numbers and we have the next major rally. The USD has been in a strong rally and requires a reversal in order for these pairs to get bullish. Watching currencies this week. Volatility will remain high this week so mind your size. Trade Smart and Trade Safe.
08th May 2022