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 — The decline has continued as discussed last week. First target has been achieved at 5400. This was first discussed back in early September. Cycle date is 11/25 so lower is still possible. Structure needs a 4 and 5 to complete the move. 4700 the next step down. Once seen, this can complete wave B which is a significant bottom for Cryptos. Looking this week for a reversal pattern, waiting for a confirmation and the cycle date for this turn before attempting a long.
ETHUSD — Decline as expected and still looking lower. We need a 4 and 5 to finish the structure so I am looking for positive D on RSI to end of wave B here. A lower low here in the range of 140-120 would work for a reversal pattern. I am looking for the reversal before entering long. Will trade this on a confirmation of the low.
LTCUSD – Lower as expected and already at the 100% fib, so target has been achieved. This may reverse first as LTC tends to lead and give clues. Looking for a wave 4 and 5 to finish the stricture, appears we have finished wave 3. Positive D is currently set up on RSI. I am now looking for a clear reversal pattern.
Cycle date is still 11/25, we have seen the move lower and may still see one last push. Since my post back on Sept 2nd, I have been expecting 5400 on BTC which has been achieved. Now we are in the turning process, a lower low to 4600-700 is still possible. Lighten up if you are short and take profits. Trade safe.
2 thoughts on “Crypto-Currencies: Bitcoin, Litecoin and Ethereum for November 18th”
I follow your crypto analysis weekly. You have taught me so much in reading and projecting the charts. Now that XRP (Ripple) is the 2nd largest crypto by market cap, could you add it to your analysis as well?
I will look into it Tommy – if it charts well, I will consider it….Stan