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.