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 — Maintaining the lower low required forecast for now. We could see as low as 16000 which would be more of a wash out and buy-able low. Bands need to expand and expect a band ride lower then look for a long setup. This is a major turn in Crypto and looking for a reversal across the board and a long term uptrend.
ETHUSD – No change in forecast here, a higher low is likely here into 1179 as wave C plays out. A lower low is a gift and a strong buy if seen. This is my preferred Crypto and with the merge complete. We should be seeing institutional support later this year. Bands are very tight, not yet at the 3rd SD band yet. Once seen look for a long term long and hold.
LTCUSD – Possible higher low at $39, if we convert this area then a lower low will open. I prefer the lower low here too along with BTC.
ETH should outperform other Cryptos over time with the Merge complete. A higher low is expected for ETH, look for the rest of the market to follow and make lower lows. Bollinger bands are extremely tight and should expand for the low. More downside expected short term, the a long setup with RSI in the 30s expected. Mind your risk until the turn is confirmed. This is a significant long setup across Cryptos. Trade Smart and Trade Safe.
09th Oct 2022