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 — Nice move last week as we converted 6645 and are now at 7334. The setup has broken higher. Retest this week and hold Monthly pivot and middle BB and we see the next legg higher in the 8000. We are three up here and the next move lower is a test of support which must hold.
ETHUSD — We have broke higher and tested the monthly pivot. It is critical that if we are in a rally that the monthly convert this week. So far we are back testing the broken resistance trend line which is not unusual, and ETH needs this week to find support no lower than 422 to break higher and convert the Monthly pivot at 495. Convert 422 and a new low is looming.
LTCUSD – A full double bottom retest has lead to higher prices as expected and a test of monthly pivot. Like ETH, LTC needs to convert monthly to see continuation higher. Support is at 74 which I am expecting to hold. Convert 74 and we open lower prices to 59 and the monthly S1.
The nice reversal patterned we had last week has lead so far to higher prices. Continuation higher requires a support test that holds to open the next high and the cycle date of 8-3. The Lows have been retested and they now must hold.