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 — BTC has seen 8000 as discussed, we are close to the high cycle window on 8-3. This has been a strong move off the bottom with a break of the declining resistance trend line We appear to be finished with wave 3, we need a small 4 and 5 higher to complete this cycle. Negative D on RSI with a higher high will signal a retracement. Looking to the higher high this week to 8750.
ETHUSD — So far we have not converted the monthly pivot and it appears we have formed a triangle. This compression is expected to break up into the 552 area into the 8-3 high window. ETH is behind BTC and a squeeze is possible on a break above monthly pivot at 495. SO far the middle band appears to be support and must remain support the rest of this week into the high window time frame.
LTCUSD – Like ETH, LTC needs to convert monthly pivot to see continuation higher. Support is at 74 which I am expecting to hold. I am still expecting higher prices into 101.73 later this week and possible into next week. Timing says we head higher into 8-5, I am expected a retest and higher into September.
We are close to our high window period from 8-3 to 8-5 on Cryptos. With a negative D setup on BTC coming in th nest week or so, we may have a setup for a reversal. For now continuation is expected into the high window.