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 — Target made at 16000 as mentioned and still waiting for a lower low, no change in forecast, looking for a long term long setup which may arrive next week. WAIT FOR A CONFIRMATION before making a long trade here. A major turn in Crypto is brewing and looking for a reversal across the board and a long term uptrend.
ETHUSD – Small consolidation pattern which is a continuation pattern which points lower, lower low gives the long setup we are looking for.
LTCUSD – This pattern is a flat, so expecting a lower low and the wave C appears to have just completed. Lean lower here and a lower low will create a long setup.
Cryptos are very close to a long term reversal here. Watch BTC for clues as it should lead the way higher. Lower lows are key to the long setup. The declining resistance trend lines when they break and convert, buy Cryptos!! Still looking for a long term trend up so mind your risk until the turn is confirmed. Trade Smart and Trade Safe.
03rd Dec 2022