Quick comment of cryptocurrencies… finally we are seeing some solid consolidation patterns and early potential. While not for the faint hearted, this presents an opportunity, with lesser risk than previously.
The ETHUSD weekly chart appears to have a higher low. MACD turned upwards and it is possible to look for a higher high (the immediate small green rectangle).
The ETHUSD daily chart shows the higher lows forming last week, and potentially important weeks ahead for a higher high.
The ETHUSD 4hourly charts have a nice Higher Low and Higher High pattern for consolidation and trend change. The expected movement is mapped, and a critical junction is at 130; a 15% upside potential there.
The LTCUSD, Litecoin, weekly chart has a less pronounced consolidated base with a higher low, and the MACD is turning up, albeit flatter than ideal.
The LTCUSD daily chart shows a previous failed breakout attempt, and price falling back into a range. It just broke out of the range again, soon after breaking above the 55EMA. Immediate target is 40. A good 14% upside potential…
Going down to 4hour chart, the development of the ABC wave can be seen and BC wave itself started with a smaller ABC wave too. The MACD had built up some bullish divergence which just broke into the bullish territory as a channel breakout happened.
The big brother of all Crypto, Bitcoin, BTCUSD, is very much less bullish at this point. The weekly chart is still in consolidation with very little to go on.
The daily BTCUSD shows a higher low but lacking commitment to potentially put a higher high, or even a breakout off the trend lines.
Even the 4hourly BTCUSD chart looks muted.
Rippl, XRPUSD, is another favorite that seems to have fallen out for the moment… the weekly chart is very flat, and not bullish in any perspective.
The XRPUSD daily chart appears to have found support at 0.29 and double bottomed perhaps. This double bottom criteria is qualified only if there is a breakout (of the demarcated trendline to register a higher high and a new higher low. The only bullish indication is a rising MACD suggesting a bullish divergence.
The bullish divergence in MACD is also seen in the 4hourly charts.
ETHUSD, Etherum, appears to have the most bullish potential at this point, with the highest probability to lead the cryptocurrency leaders.
Next lined up is LTCUSD, where it is similar in set up, with the next highest potential to have a breakout.
The big bro BTCUSD, however, is nonchalantly inactive with less of a bullish indication.
XRPUSD, the best use case of the leaders, with probably the highest potential, is also muted in its consolidation.
Nevertheless, it is still early days, but not too early to keep a look out for new activity, and in my charts, alerts have been set in place.
If you found this post useful, do leave a comment and share the link! Join in the Telegram group https://t.me/DrWealthHacker