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.
BTCUSD – this is a critical week for BTC as it may have found support for wave 2. The bulls must demonstrate control of the tape and convert the middle bollinger band and the monthly pivot at 9318. Failure this week can open lower prices. 7700 must hold or a lower low is possible to 6861.
ETHUSD – Wave 4 may be in and the bulls need to convert the middle band this week at 610. Fins resistance there and this will open a test of the trend line at 470. Break 470 and we open a lower low. Bulls must perform this week to turn this market.
LTCUSD has made the .618 retracement target and may have turned. Bull must hold the low and convert the middle bollinger band at 169. If seen we rally into the monthly pivot at 185 and then see the retest. Bulls must hold 152s this week or they risk a lower low to the Monthly S1 at 117. This is a key week and the bulls must perform to confirm the turn.
Keep in mind that if the wave B or wave 4 lows are broken this week, this will change the forecast and the base trend lines may be challenged next. For now, I am expecting higher prices into mid-April. Middle band this week is key to the next impulse higher.
25th Mar 2018