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.
BTCUSD is still in the wave 2 pullback and beyond the 100% fib target. It will likely make the flat target at 7079. This is still a wave 2 until the B wave breaks which is not expected. I am expecting a decent long setup this week with the next cycle high into the 4-22 time frame.
The first step to confirming the turn is a conversion of the middle bollinger band.
ETHUSD is also beyond the 100% fib target for wave 2 and is also likely in a flat. The Monthly S1 is just below at 556 and is expected to be supported. The turn confirms on a break of 717. A break of the wave 4 low opens up a lower low to the base trend line below. I am waiting for a clear reversal pattern to enter long.
LTCUSD has made the .618 retracement target and may turn here this week. There is no clear reversal pattern yet. A break and conversion of 172 and likely the low is in. I am looking for the next high window sometime in the late April time frame.
Keep in mind that if the wave B or wave 4 lows are broken this week, this will change the forecast and the base trend lines may be challenged next. For now, I am expecting higher prices into mid-April. Middle band this week is key to the next impulse higher.