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 — As mentioned two weeks ago, the triangle we had formed broke lower support trend line and we are now in a downtrend. We now have a new low with Positive D and a retest higher to middle band is possible. I’m still expecting a lower low into the 4800-4700 area to finish leg B.
ETHUSD — As discussed last week, no triangle here but a break of the low opens priced lower into the 340s. A lower low here sets up positive D on RSI, so a retest is possible of middle band, but lower is still expected to complete leg B.
LTCUSD – As mentioned two weeks ago, a break of 91.46 and open lower lows to $60. We have a lower low and positive D on RSI. A retest is possible, but middle band is expected to be resistance. The monthly S2 is expected to be support at $65.
I would like to see some kind of capitulation during this move lower. This would mark a potential wash out bottom. Middle bands across these Cryptos need to hold as resistance to see the lows. Trade Safe.