Crypto-currencies are now mainstream trading instruments. I am providing charts in this blog on a weekly basis. I plan to cover just three cryptos: Bitcoin, Litecoin, and Ethereum. The point of this weekly post is to show the crowd psychology behind the price movement to support high-quality trades.
BTC, as expected, made the 11,000 area and is now in the wave 2 pullback into the 8850-8132 area. Any break of the .618 and we have the risk of a full retest of the low. Watch the cycle low window of 3-7 as a center date. LTC and ETH should lead to the upside in this next rally ahead of BTC.
ETHUSD made the wave 1 target and is also pulling back into wave 2 into the 717-768 area. The lower bollie is in the 717 area and I am expecting this area to hold. Any break of the lower bollie and we can see a full retest of the low.
LTCUSD has completed wave 1 as expected and is well into wave 2 into the 50 back area. It is now testing the middle band and can still see 161. I am expecting support and higher prices from here. LTC is expected to lead to the upside in the coming weeks.
The ratio charts below show that LTC and ETH have the edge on BTC and this should continue for the next few weeks.