Crypto-Currencies: Bitcoin, Litecoin and Ethereum for June 17th

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for June 17th

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 —  The triangle has broken down and Bitcoin is headed lower. The triangle support trend line has broken down and likely we will work our way lower into 5200-4700. This will take a few weeks to accomplish, I will be looking for a reversal pattern in the coming weeks.

ETHUSD — The low has broken and a full retest of wave B is in progress. Likely we see 355-309 as a area for a reversal pattern. We need a short retest higher into the trend line and the lower into target for a reversal.

 

LTCUSD – As mentioned, a break of 91.46 and open lower lows to $60. Retest higher into the trend line and lower to 60s likely next. I will be looking for a reversal pattern once we see that area. More than likely the August 5th high window will still work, just a lower high given the break lower.

Consolidation patterns sometime break lower as we have in Cryptos. Likely we see an ABC lower into the target areas as mentioned.  I would like to see some kind of capitulation during this low. I’ll be looking for low amounts of open interest going forward.

 

About the Author

Stan Nabozny
Stan is a 20 year retail trading veteran and Co-Founder of The Art of Chart. A registered Commodity Trading Advisor, his specialties include using futures and options to trade Energies. Precious Metals, Equities, Currencies, Bonds, Softs, Grains and other commodities. Stan believes that Risk Management and Trader Psychology are more important that technical analysis and spends his time teaching and coaching other traders on these topics . Stan uses various trading systems and technical analysis approaches that integrate time and price in his work. See his latest articles here and www.huffingtonpost.com.

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