Cryptocurrency Technical Analysis: Bitcoin, Litecoin, and Ripple for the Week of 3/24/2019
Today I am going over the weekly preview/review for Bitcoin, Litecoin, and Ripple. Precise entries and exits are posted in multiple time frames. The cryptocurrency technical analysis will be the same I have been using for stocks, futures, and Forex. Using my two main trade setups, the Reverse Lightning Trade, and the 38-127 trade setups.
Out of the 3, it looks like Ripple (XRP) shows the worst promise in the short to near term. It is already in a short setup, the reverse lightning trade short. Also, it is in the middle of no-mans land in a longer-term time frame so I am waiting for a break either way. But it looks like it is closer to breaking to the downside which would initiate a longer-term reverse lightning trade short.
Bitcoin and Litecoin each have a couple of bullish setups going in their favor. The most interesting part regarding Bitcoin is what is going to happen if it breaks out and hits no-mans land. In the video, you’ll see what I am talking about.
Usually in a trend, either up or down, there are stair-stepping going on which creates the moves I take trades off of. But in Bitcoin, it looks like it fell off a cliff in only a couple of days so when the price gets up to the area it will be interesting to see what happens.
Will price treat that area like a gap and shoot up? Or will it have created a ton of resistance since there wasn’t anyone buying in those areas so the shorts will already have gotten out? There won’t be any short squeezes happening.
Either way, it will be interesting to see so I will be keeping my eyes peeled.
Video
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