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 — We have bounced of triangle support as discussed last week. This triangle is a key structure to BTC going forward. We need to convert the Monthly Pivot on BTX this week to open the upside. Any resistance in this area and we see BTC open then 4000 area. This week we should see the decision at Monthly pivot.
ETHUSD — We are back testing the all time support trend line from the inception of the instrument. . Break and convert 620 and we should see a rally into the 800s in the coming weeks. Find resistance at the monthly pivot and we open a full retest of the low. This decision going to influence price for weeks to come.
LTCUSD – We are now at triangle support trend line on LTC.
There is a 70% chance we break up from this triangle and open the 200 target area after the support test at the trend line. Convert monthly pivot and the turn is confirmed. Keep in mind that resistance at monthly pivot and a break lower here opens lower lows.
Monthly pivots are key this week to an upside break out. Likely the
triangles on LTC and BTC break up into the June time frame. Any break below the triangle support trend lines signal much lower prices for Cryptos.