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 — Back on 6/10 we had a break of triangle support and began the trip lower. We are now almost a month into the move and I am starting to see a setup for a turn. Low window is set up for 7-5 and likely we see a reversal pattern at the end of this week / beginning of next week. A lower low is expected into 5500-5200 first, then a run higher into 8-3. Let’s see the setup first later this week/early next week. Positive D on RSI is in place.
ETHUSD — A lower low is expected with positive D already established on RSI. The turn window is expected around 7-5. 369 the area to watch for a reversal pattern. A cross of the declining resistance trend line and we have a turn which should resolve higher into the monthly pivot into our cycle date.
LTCUSD – With the break of the triangle, lower prices were expected and we are likely getting close to the end of the move lower. The monthly S2 is expected to be support at $65. No positive D yet on RSI which I am expecting this week on a lower low. I am expecting a setup late this week. Any cross of the declining resistance trend line confirms the turn.
We are approaching a cycle low window this week which could be THE Low or just A Low. The trend line on all three charts if broken and converted will confirm the turn. Higher prices expected into the first week of August, let’s see what happens at monthly pivot.
01st Jul 2018