Crypto-currencies are now mainstream trading instruments. I am providing charts on 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 had broken the middle band as expected and is now about to backtest the middle band to convert. Expecting higher prices this week into 11000s then a pullback for wave 2 into the middle band area 9000-9300, then higher prices. LTC should lead to the upside in this next rally ahead of BTC.
ETHUSD in converting the middle band and is heading higher as expected. Convert middle and we open 1000, then we should see a wave 2 into the 888-848 area. ETH should outperform BTC according to the ratio chart below.
LTCUSD has converted the middle band has started a 3SD/2SD band ride. I am expecting wave 2 into the 50 back area in the near future. It appears the turn is now confirmed in Litecoin. I am expecting higher prices in the coming months.
The ratio charts below show that LTC and ETH have the edge on BTC and this should continue for the next few weeks. LTC has already reached the top of the range as it is leading to the upside. This may break this week opening the expansion to the upside on LTC ahead of BTC.
The turn appears to be in on all three. The wave 2 retest should show support in the 50 back area. The outcome of the wave 2 retest should be complete sometime next week.
18th Feb 2018