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 — Still waiting on the lower low, expecting a termination move and one of two supports 5400 or 4700 by 11-18. This is a termination move and a lower low must be achieved to set up positive D on RSI. This is a significant low on Cryptos and I am looking into the November time frame.
ETHUSD — Lower lows still expected, looking into the 11-18 time frame for the move. We remain below the middle bollinger and expecting expecting a lower low into the November time frame and the 140 area. This will set up positive D on RSI. I am looking for the end of wave B here.
LTCUSD – We have seen the first target at $49 as discussed a few weeks ago. Currently expecting at least $43 and positive D on RSI. Once seen I am looking for a clear reversal pattern in the second week of November or so. Let’s see how this sets up.
Since my post back on Sept 2nd, we have been in a decline in Cryptos. We have broken the triangle on BTC which means that a terminal move lower is playing out. I am waiting for 5400 on BTC to start looking for a reversal pattern and positive D on RSI. We remain below the middle band which is still resistance. My cycle work indicates a turn in mid November. Trade safe.