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.
BTCUSD — Target achieved at 9702 as discussed; so far so good on the first legg up. We are about to see a retest into the middle bollinger band at 8206 or so before seeing the next legg higher. I am expecting the trendline to hold as support.
ETHUSD — So far so good on the first legg up. We have exceeded the target on last week’s chart at 693. Retest is needed into the 545 area and middle band. Find support and we likely see the 880 area next.
LTCUSD – First legg up completed, looking for a retest into $130-136 then higher into $200. Middle band support is expect on the retest.
Any break of the middle bollinger band and there is risk to the downside. Is this just a short squeeze or are we into a risk on rally? This week should help answer that question with the middle band test.