Crypto-Currencies are now main stream 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.
BTC’s low window last week ended on 2-9 and it appears we have a turn, now the next step is to break above the middle band before 2-14 after which we see a retest and then then hopefully higher prices. BTC needs to hold the 7544 area or we will see a full retest of the low. I am still expecting higher prices, the question is what form the retest will take.
ETHUSD has completed the wave 4 in black and may be starting the next legg higher. It needs to convert the middle band at 954. After the three up, on the re-test we either hold 777 or we open a full retest of the lows. ETH should outperform BTC according to the ratio chart below.
LTCUSD has turned and is leading to the upside. Convert middle band and we open 194’s next. Resistance there then leads to a retest either at 141 or we see a full retest of the low. I am still expecting higher prices in the coming months.
The ratio charts below show parity that LTC and ETH have the edge on BTC and this should continue for the next few weeks.
The turn may be in on all three, and there is no confirmation yet as middle band currently is not converted. It is still early as I am expecting a retest in the next 7 trading days. The outcome of the retest should be complete some sometime next week,