I plan to cover just three cryptos every week in this post: 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 — The triangle has broken down which was the 30% option and often when a triangle breaks in the 30% direction it forms another pattern, in this case a flat with a measured move support in the 7522 area. I am expecting a small wave 4 and 5 and a positive D setup on BTC to take it higher. New highs are still expected.
ETHUSD — With the break down in the triangle, we also have a lower low to the support trend line in BTC. The monthly R1 is there as support and I am looking for support at 143.85. This drop represents a buying opportunity for Cryptos. Wait for a reversal pattern to form before buying.
LTCUSD – The break of the triangle has resulted in a lower low on LTC. This can be the largest % gainer in the next rally as we are retesting the low. I am expecting the monthly S1 to be support. Again, wait for the reversal pattern to form before buying, I am expecting a reversal in Cryptos in the next week.
The triangle has been weeks in the making and it is disappointing that it invalidated and broke down. We now have a new pattern and looking for Positive Divergence across the Cryptos we track to see the next setup. Waiting for the reversal pattern is smart to do until the reversal is apparent. Trade Smart and Trade Safe.
28th Sep 2019