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 — No long entry last week and we are in a choppy sideways market. This week with sufficient follow through, BTC could break out. At this point I am staying with the structure I see and still looking for the monthly R1, around 8700ish as a target. Once seen looking for the next rally to begin. I am patiently waiting on the entry.
ETHUSD – No entry here either last week, and a potential triangle brewing here. Would still loke to see the retracement in price instead of time and lower low to te S1 is still my preference. Above the R1 invalidates this scenario and I will be looking long here.
LTCUSD – Retest of the low in order and perhaps a lower low. Convert the R1 this week and we see the next rally on LTC – this would invalidate the lower low scenario.
More sideways chop and still waiting on a good entry. We can see a lower low this week on BTC.. My concern here is a triangle forming which would have a bullish bias as it is a correction in time instead of price. Staying with my initial read on the structure and watching carefully this week. Any conversion of the monthly R1s and we have the next legg beginning. Patience is key with Cryptos. Trade Smart and Trade Safe.
12th Jul 2020