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 broke support last week and is in a rally which should top out around 34000 then see a retest of the low before reversing. Cryptos in general are going to follow this pattern as the consolidation that was forming broke down.
ETHUSD – ETH broke down last week and is in a rally now which should continue to 2400 and the broken support trend line before retesting the low. This is a larger three down which is a retracement pattern. Higher highs will come once this completes.
LTCUSD – LTC broke support last week and is in a rally into the broken support trend line then it should retest the low before advancing. Watch ETH for clues as it should lead the way higher. LTC will follow.
Cryptos broke down last week from the consolidation pattern and may still see lower lows to complete the pattern. Levels provided as to the resistance areas and if seen expected a setup long lower. The USD has been in a strong rally and requires a reversal in order for these pairs to get bullish. Volatility will remain high this week so mind your size. Trade Smart and Trade Safe.
15th May 2022