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 discussed last week, I expected a turn in the 7300 area which has played out. Lower prices expected into 5400 as first target and we can still see the trend line lower at 4700. This is likely a major turn on BTC, the key is breaking the declining resistance trend line and we will likely see that by May of 2019.
ETHUSD — Turned as expected and now looking for a new low and 200% fib at 168 with timing window in the 9-18 time frame. This turn can occur earlier so any touch of the support trend line could cause a reversal. This is a more significant turn so it will take more time to set up.
LTCUSD – Turned as expected and now looking for a lower low – below $49. This will create positive D on RSI and we can see a turn either between 47-49 or we can see full target at 40.46. A lower trend line touch is ideal for a reversal.
The wave 4’s discussed last week played out as expected and now cryptos are in the last decline before a major turn. Higher prices expected in October so the next reversal pattern will be significant longer term. More next week on the timing of the advance higher.