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 — Expecting to continue the small rally into 7200-7300 or so before seeing a turn and new lows. We have broken above the daily middle bollinger band but this is clearly a back test and I am expecting lower prices after September 1st. Looking for 4700 before all is said and done.
ETHUSD — No conversion of middle band and a triangle-ish structure setting up for lower prices. We may see a small rally into 295-300 but once seen, expecting lower into the trend line and likely 132s next by September 20th.
LTCUSD – A small triangle seems to be forming which is calling price lower. We may see as low as $40 by September 20th which will set up ice positive D on RSI. Look or the decline to begin in earnest after September 1st.
Last week’s price action did not confirm a turn on ETH and LTC. With only BTC advancing, chances are we are seeing a small 4th wave here and lower prices are expected across the board after September 1st. We may see a small rally as discussed, but the lean is lower into September 20th.