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 triangle has broken down and Bitcoin is headed lower. The triangle support trend line has broken down and likely we will work our way lower into 5200-4700. This will take a few weeks to accomplish, I will be looking for a reversal pattern in the coming weeks.
ETHUSD — The low has broken and a full retest of wave B is in progress. Likely we see 355-309 as a area for a reversal pattern. We need a short retest higher into the trend line and the lower into target for a reversal.
LTCUSD – As mentioned, a break of 91.46 and open lower lows to $60. Retest higher into the trend line and lower to 60s likely next. I will be looking for a reversal pattern once we see that area. More than likely the August 5th high window will still work, just a lower high given the break lower.
Consolidation patterns sometime break lower as we have in Cryptos. Likely we see an ABC lower into the target areas as mentioned. I would like to see some kind of capitulation during this low. I’ll be looking for low amounts of open interest going forward.