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 and weekly pivot did not convert last week. Still looking the weekly conversion as a first sign of a turn and then a reversal setup should emerge. Weekly pivot is 3324. 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 — Targets achieved two weeks ago and still looking for a reversal pattern here. Higher prices expected into April of 2019. Reversal setup of the turn requires a break and conversion of weekly pivot which is 87.30. Once seen a retest that holds the low is a buy.
LTCUSD – No reversal pattern here yet we have positive D on RSI and a confirmation of the turn occurs on a break and conversion of $29. 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 two weeks ago and the higher low broke down last week. There is still a possible turn setting up here. Positive D on RSI and I am still looking for a reversal pattern. A rally through April is expected across the board once we reverse. Trade safe.
16th Dec 2018