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 — BTC has seen 8000 as discussed a few weeks ago, we have turned early before the 8-3 window and will likely see 7160 support on the retest. Still expecting the next window higher in September. If you are new to my timing cycles for highs and lower, they are windows with 2-3 days on either side of the date. They are use primarily for direction on a trade. Support at 7160 is required to see the next legg higher.
ETHUSD — The retracement on ETH is a back test of the previously broken resistance trend line which also appears to be double botttom. The 400-410 area is expected to hold as support, if seen we see the next rally higher into September. Watch for two targets 610 and 704 in September.
LTCUSD – The turn was early on LTC also, and we are retesting the broken trendline. Looking for 70 as support and timing says we head higher into September. Looking for the turn this week.
The reversal was early and looks to be close to complete. Support levels must hold as stated or we risk new lows across the board on Cryptos. The support test this week would mark the bottom and I am expecting the next high window around mid September.