Happy Holidays from all of us at The Art of Chart!!!
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 — Retest appears to be holding and per last week’s comments, convert the weekly pivot at 3888 and the turn is confirmed. The next cycle date is in April, if support holds and the weekly pivot converts, I am looking for higher prices into the $8000s. This week is critical that the current low holds or we will see a full retest of the lows.
ETHUSD — So far so good on the retest. The low from last week if it holds and we convert the weekly pivot at 132.62 and we should see the next rally unfold into the next cycle window in the April time frame. This week the bulls must perform.
LTCUSD – The retest on LTC has held 25.54. A conversion of weekly pivot at 31.92 this week and likely we see a rally into April. The turn may be in and the bulls must perform this week or the lows will get retested on a break of last week’s low.
Likely the turn is in here, I need to see a confirmation with a conversion of weekly pivots this week. If seen a rally through April is expected. If not then the lows are likely going to be retested across the board. Happy Holidays and Trade Safe.