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.
I have been on holiday for two weeks recharging my batteries. In the last two weeks, Cryptos broke support and headed lower and are now at an inflection point. Failure to turn here and we open much lower prices.
BTCUSD — BTC broke support at 7160 and is now at a possible turning point. Double bottom and Positive D is in place, any cross of the middle bollinger band at 6875 confirms a turn. Failure here calls price lower into 4700. Looking for the next impulse higher into the 9-18 cycle window.
ETHUSD — ETH broke support at 410 and is now at a turning point similar to BTC. Break and conversion of 366 and we open higher prices into the cycle window of 9-18. Failure here will open lower prices into 170s next.
LTCUSD – LTC broke support at 70 and is now at an inflection point. The turn that is brewing here can see higher highs into 100 on a break of 62.70 which is the middle bollinger band. Failure here can open 40.46 directly.
This week will determine if the recent downtrend is complete. A double bottom and Positive D on BTC with a cross of the middle bollie is a formula for a rally. To play out the middle bollie must not fail or we will see new lows.
20th Aug 2018