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. The triangle has completed and we are in a thrust lower. Expecting a termination move and one of two supports 5400 or 4700. This is a termination move and a lower low must be achieved to set up positive D on RSI. This is a significant low on Cryptos and I am looking into the 10-24 time frame for a turn.
ETHUSD — No change in forecast. Target has been achieved at the $168 target as mentioned two weeks ago. We have broken lower and am expecting a lower low into the 147-142 area. This will set up positive D on RSI. I am looking for the end of wave B here.
LTCUSD – No change in forecast. We have seen the low below $49 as discussed a few weeks ago. Currently expecting at least $47 and positive D on RSI. Once seen I am looking for a clear reversal pattern around October 24th or so. Let’s see how this sets up.
Since my post back on Sept 2nd, we have been on a steady decline in Cryptos. We formed and have broken the triangle on BTC which means that a terminal move lower is playing out. A major turn may be setting up here, I am waiting for 5400 on BTC to start looking for a reversal pattern and positive D on RSI. Trade safe.
13th Oct 2018