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.
BTC as discussed made the 11,000 area and now the wave 2 pullback may be shallow and also complete. Watch the cycle low window of 3-7 as a center date as there is still risk of a lower low for wave 2. We are above the middle BB which if it acts as support, we should see a higher high. This seen will confirm the turn.
ETHUSD made the wave 1 target and the wave 2 may be done and is shallow. I was expecting 768 and got 786. There is still risk to see the lower low this week, if we break above the middle BB, likely wave 2 is in and we start the legg higher in wave 3.
LTCUSD has completed wave 1 as expected and may be complete with wave 2. Monthly pivot at 184.74 will likely hold prices up. There is a clear compression pattern here which should resolve higher. Any break of the higher this week and I confirm the turn is in.
The turn appears to be in on all three. A break of the current wave 1 highs confirms the the upside and the start of wave 3.