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 — A rally last week in BTC and still sideways price action here. There is a possibility that we break and convert the resistance trend line this week and if we do then I have missed the entry. If that occurs then I will enter on the trend line conversion. Ideally we head lower this week and see the monthly R1, around 8700ish as a target. Once seen looking for the next rally to begin. Important decision here this week in BTC.
ETHUSD – The triangle mentioned last week has broken up – now this is either a flat which will retest the low or we will see the R1 convert into support and see higher prices directly. This can be the beginning of the break higher in Crypto’s – needs a confirmation this week.
LTCUSD – More sideways price action here on LTC and no clues to help decide if a break out to the upside is in progress. Convert the R1 this week and we see the next rally on LTC.At this point, there is no quality setup.
Still waiting on a good entry and BTC will give clues this week on a break and conversion of the resistance trend line. At this point, waiting on a confirmation as to direction. We can still make the lower low and the lower channel support trend line. Trade Smart and Trade Safe.
26th Jul 2020