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 turn yet as 4705 has not converted, lower low and positive D on RSI. A better setup this week and the same is expected, break and convert 4705 and we have a confirmed turn on Cryptos. Weekly pivot sits 3623 so a conversion there is an early signal. Support is expected at 3380. I think we may be putting in Major Degree wave B here. Higher prices are still expected into 9000s by April once we find the reversal pattern.
ETHUSD — Target achieved here and then some. Positive D on RSI is present. Looking for a reversal pattern here. Higher prices expected into April of 2019. Confirmation of the turn on ETH is a break and conversion of 170.
LTCUSD – No reversal pattern here yet as the low was broken last week. We have positive D on RSI and a confirmation of the turn occurs on a break and conversion of $44. We need to see bulls take the tape this week and a reversal pattern set up. I believe we are close here to seeing a significant turn.
All targets achieved across the board. The higher low broke down last week and there is still a possible turn setting up here. Positive D on RSI and I am still looking for a reversal pattern. Confirmation levels given, bulls need to take the tape this week. A rally through April is expected across the board once we reverse. Trade safe.
09th Dec 2018