Crypto-Currencies: Bitcoin, Litecoin and Ethereum for October 28th

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 — Still waiting on the lower low, expecting a termination move and one of two supports 5400 or 4700 by 11-18. This is a termination move and a lower low must be achieved to set up positive D on RSI. This is a significant low on Cryptos and I am looking into the November time frame.

ETHUSD — Lower lows still expected, looking into the 11-18 time frame for the move. We remain below the middle bollinger and expecting expecting a lower low into the November time frame and the 140 area. This will set up positive D on RSI. I am looking for the end of wave B here.

LTCUSD – We have seen the first target at $49 as discussed a few weeks ago. Currently expecting at least $43 and positive D on RSI. Once seen I am looking for a clear reversal pattern in the second week of November or so. Let’s see how this sets up.

Since my post back on Sept 2nd, we have been in a decline in Cryptos. We have broken the triangle on BTC which means that a terminal move lower is playing out. I am waiting for 5400 on BTC to start looking for a reversal pattern and positive D on RSI. We remain below the middle band which is still resistance. My cycle work indicates a turn in mid November. Trade safe.

Written by:

Stan Nabozny

Stan is a 20 year retail trading veteran, CTA (Commodity Trading Advisor) and Co-Founder of The Art of Chart. 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.

28th Oct 2018

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