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 — So far so good on the small rally into 7200-7300 before seeing a turn and new lows. Looking for 7260-80 and trendline resistance. Looking for 4700 as the next leg lower and a turn is likely this week. I will be looking for double bottom support as well.
ETHUSD — We may see a small rally into 295-300 but so far this is a compression pattern that is forming. Looking for a new low and 200% fib so far is 168 with timing window in the 9-18 time frame. Lower low is needed here and S1 is also possible support, convert the Sq at 209 and we open lower prices. Looking for sideways o marginally higher first later this week.
LTCUSD – A small compression pattern should complete this week, expecting lower prices. We may see as low as $40 by September 20th which will set up nice positive D on RSI. Watching the S1 as another possible support. Lower low is needed here to set up the turn.
With only BTC advancing, chances are we are seeing a small 4th wave here and lower prices are expected across the board into Sept 20th. We may see a small rally as discussed, but the lean is lower into September 20th.
02nd Sep 2018