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 — No change in forecast, still in a retracement, lower prices still expected. We may be forming a triangle here, if so then the resolution is lower and a high likely hood that the move is terminal. Lower prices to 5400 and possible 4800 are likely. The monthly pivot must hold as resistance.
ETHUSD — No change in forecast. Target has been achieved at the $168 target as mentioned two weeks ago. Lower is still likely as we have a three back. We can just see a double bottom as a reversal pattern. A lower low is possible here into 147-142. I am expecting positive divergence on RSI when the low is in. Cross the monthly pivot and we have turned and a major low may be in.
LTCUSD – No change in forecast. We have seen the low below $49 as discussed two weeks ago. Currently expecting at least $47 and positive D on RSI. A lower trend line touch is ideal for a reversal. I am expecting resolution of this sideways price action this week.
Since my post back on Sept 2nd, we have been on a steady decline in Cryptos. We may be forming a triangle on BTC in the last two weeks, which means that a terminal move lower may be in store. Watch the monthly pivot here as resistance, if it continues to hold, lower price may be in store. Until then, I am waiting for a reversal pattern to set up, which means lower low, positive D on RSI and a higher low. Trade safe.