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 — Friday’s rally may be the start of the move higher that I have been discussing. We have compression again and a pinch of the bollies and a squeeze higher Friday. Follow thru this week if seen is the start of the move higher into April. Invalidation at 3276 and looking for this to hold going forward. This week will say a lot about the next cycle higher. If we invalidate, we should see a move into a lower low into 2500s.
ETHUSD — Not as strong a move on ETH, but still the possible beginnings of a rally. I need to see confirmation with follow through this week. Bullish clues include a break and conversion of the monthly pivot at 128.40.
LTCUSD – The biggest move was on LTC. This was a strong move Friday. One day does not a trend make so follow through is important to see early this week. Again, a high into April is expected. $48 is the first legg up on LTC.
My lean is that the uptrend will continue, watching my invalidation levels in case of a conversion. Friday’s price action is encouraging, especially on LTC. Any break of the invalidation levels opens a retest of the lows and possibly a lower low to 2500 on BTC. Trade Safe.
10th Feb 2019