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 decline, still expecting wave C lower to play out into 5400 as first target and we can still see the trend line lower at 4700. Once the bottom is in, this may be a major turn on BTC.
ETHUSD — Target has been achieved at the $168 target and also the trend line as discussed. This is likely the end of wave 3, still needs and wave 4 and 5 to finish the decline. Lower low expected. Cross the monthly pivot and chances are we have turned and a major low may be in.
LTCUSD – We have seen the low below $49 as discussed last week, appears to me that we need one more lower low to finish the pattern. Expecting positive D on RSI and we can see a turn at target at 40.46. A lower trend line touch is ideal for a reversal.
We are close to a turn on Cryptos, BTC needs a lower low and ETH has been hammered. Any lower low on ETH and LTC is a potential longer term buy. I am waiting on a reversal pattern to set up first, still a little early. Trade safe.