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 — Small rally last week in the form of a bear flag, likely we see lower prices this week. Cycle date has extended into 11/25 the lean is still lower to complete wave B. A break of 6140 and we open the lower targets I’ve been discussing, 5400 or 4700. This is a termination move and a lower low must be achieved to set up positive D on RSI. Once seen. this can be wave B which is a significant bottom for Cryptos
ETHUSD — Rally last week which I believe is a flag, lean is lower into same cycle date as BTC. Convert Monthly Pivot at 205 and I am expecting lower prices into the 140 area. I am still expecting positive D on RSI to end of wave B here. Invalidation on a break and conversion of 228.
LTCUSD – Lean is still lower into the same cycle date as BTC. Still expecting at least $43 and positive D on RSI. Once seen I am looking for a clear reversal pattern. I am watching . LTC as this may give an early sign of a turn. Invalidation is a break and conversion of $58.
Cycle date has extended into the 25th, with the bear flag on BTC, I am still expecting a decline and a turn later this month. Since my post back on Sept 2nd, I have been forecasting the decline in Cryptos. I am waiting for 5400 on BTC to start looking for a reversal pattern with positive D on RSI. Lean lower this week. Trade safe.