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 — Pull back as expected and now a higher high and we have a potential short setup. The structure from the low is a megaphone and we are likely to retest the low. O woll be watching the alternate target at the monthly R1. We should make the higher high into the 4-19 window this week.
ETHUSD — Pul back here too and a higher high is expected to set up a reversal and negative D on RSI. Chances are we see a lower low in the retest of the low. For now this week expect higher prices then lower lows expected after April 19th.
LTCUSD – Nice pullback as discussed, Now the higher high is missing and a reversal expcted. Watch the base trend line for support. LTC has outperformed to the upside, I am expecting a higher low and then new highs. The monthly S1 should hold as support and we should see the next legg higher from there.
So far so good, pullback as expected and now the higher high to set up negative D on RSI and then the reversal. Looking for a break lower sometime next week, for now lean long. Trade Smart and Trade Safe.