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 now look complete as we are in the timing window and also 100% fib price target. Covert the middle Bollinger and this will confirm the turn.
ETHUSD made the wave 1 target and the wave 2 had made the 100% fib and also the .618 retracement fib. Lookng for a conversion of the middle BB this week which will confirm a turn and we start the legg higher in wave 3.
LTCUSD has completed wave 1 as expected and we are now three down at the 100% fib target for wave 2. Looking for a turn this week and higher prices. There is a clear compression pattern here which should resolve higher. Any break of middle band this weel and this will confirm a turn.
Keep in mind that any significant move lower and the count will change. The full retracement targets are in. Any break of the current low and we can open a full retrace of the last swing low. Middle band this week is key to the next impulse higher.