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 — The retest we discussed went deeper than expected. We are now testing support at the monthly pivot at 8485 and may still see the 1.618 fib at 8126. I am expecting to find support this week and rally into the 11468 target area. Looking for the rally to continue through May 30th. From May 30th, a significant retest should unfold which will define the price action for months to come. This can be developing into a flag which would set up a full retest of the lows.
ETHUSD — The retest discussed last week went through out our 690 target area and has turned. Three back is complete so we must now hold the low from last week. Likely we see the rally continue into the end of the month into the 5-30 timing window.
LTCUSD – The retest we were expecting made target and then some. Support currently at monthly pivot and now expecting a rally into the 204 area and the next high window of 5-30. The low from last week musty now hold, any breach and we open 116s as the next low.
Retests have gone beyond their target and it appears we have found support. Although a three back to a 100% fib has been seen across all three markets, the lows from last week need to hold to enable the rally into the end of the month. Monday and Tuesday are key to the rally continuing, the bulls must perform here.