Crypto-Currencies: Bitcoin, Litecoin and Ethereum for August 26th

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for August 26th

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 — Expecting to continue the small rally into 7200-7300 or so before seeing a turn and new lows. We have broken above the daily middle bollinger band but this is clearly a back test and I am expecting lower prices after September 1st. Looking for 4700 before all is said and done.

ETHUSD — No conversion of middle band and a triangle-ish structure setting up for lower prices. We may see a small rally into 295-300 but once seen, expecting lower into the trend line and  likely 132s next by September 20th.

LTCUSD – A small triangle seems to be forming which is calling price lower. We may see as low as $40 by September 20th which will set up ice positive D on RSI. Look or the decline to begin in earnest after September 1st.

Last week’s price action did not confirm a turn on ETH and LTC. With only BTC advancing, chances are we are seeing a small 4th wave here and lower prices are expected across the board after September 1st. We may see a small rally as discussed, but the lean is lower into September 20th.

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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