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 — There is a lot of compression on the daily chart and bollinger bands are pinched. Still looking for the 4613 target area. Once seen, we will see a retest of the monthly pivot or possibly the lower support trend line. Cycle date in April and prices higher still the main thesis here.
ETHUSD — Compression here too and I am still expecting first target to 189 and the 100% fib. I am expecting a move this week higher and an expansion from the compression. Still looking for an April cycle high.
LTCUSD – LTC is still leading the way to the upside and not much compression here. So I expect bigger moves in the other Cryptos. I am expecting the monthly pivot to continue to hold as support. The lean is still higher into $75 into April and the April cycle high is still expected.
With the compression this week and the pinch in the bollies, I am expecting an expansion this week higher. My lean is that the uptrend will continue into April. Trade smart and trade safe.
17th Mar 2019