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 — Over the last three weeks, no change in forecast. We got close to our invalidation at 3276 but have not broken it. I have a cycle high in April so looking for a rally and the invalidation level to hold as support. If we invalidate, we should see a move into a lower low into 2500s.
ETHUSD — No change in forecast, as we have not broken the 101 area, which is our invalidation. Break 101 and we can see a full retest of the low and possibly a lower low. This week should give us clues. Bullish clues include a break and conversion of the monthly pivot at 128.40.
LTCUSD – No change again, as price has moved sideways, the move higher invalidates below 25.87. Any break and we open a retest of the low and possibly a lower low. High cycles are in April so if we do break down, I expect it to be a quick test. We need to convert the monthly pivot to see any sustained upside momentum.
My lean is that the uptrend will continue, watching my invalidation levels in case of a conversion. Bulls need to convert monthly pivot to create upside momentum. Any break of the invalidation levels opens a retest of the lows and possibly a lower low to 2500 on BTC. Trade Safe.
03rd Feb 2019