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 — Still waiting on one of two supports either 5400 or 4700 by 11-18. This is a termination move and a lower low must be achieved to set up positive D on RSI. Once seen this can be wave B which is a significant bottom for Cryptos
ETHUSD — Still waiting on the 11-18 time frame for the move. We remain below the middle bollinger and expecting a lower low into the 140 area. This will set up positive D on RSI. I am looking for the end of wave B here.
LTCUSD – Still expecting at least $43 and positive D on RSI. Once seen I am looking for a clear reversal pattern in the second week of November or so. LTC may be the first of the Cyptos to turn.
Since my post back on Sept 2nd, I have been forecasting a decline in Cryptos. We have broken the triangle on BTC which means that a terminal move lower is playing out. I am waiting for 5400 on BTC to start looking for a reversal pattern with positive D on RSI. We remain below the middle band which is still resistance. Trade safe.