Crypto-Currencies: Bitcoin, Litecoin and Ethereum for November 11th

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for November 11th

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 — Small rally last week in the form of a bear flag, likely we see lower prices this week. Cycle date has extended into 11/25 the lean is still lower to complete wave B.   A break of 6140 and we open the lower targets I’ve been discussing, 5400 or 4700. This is a termination move and a lower low must be achieved to set up positive D on RSI. Once seen. this can be wave B which is a significant bottom for Cryptos

ETHUSD — Rally last week which I believe is a flag, lean is lower into same cycle date as BTC.  Convert Monthly Pivot at 205 and I am expecting lower prices into the 140 area. I am still expecting positive D on RSI to end of wave B here. Invalidation on a break and conversion of 228.

LTCUSD – Lean is still lower into the same cycle date as BTC. Still expecting at least $43 and positive D on RSI. Once seen I am looking for a clear reversal pattern. I am watching . LTC as this may give an early sign of a turn. Invalidation is a break and conversion of $58.

Cycle date has extended into the 25th, with the bear flag on BTC, I am still expecting a decline and a turn later this month. Since my post back on Sept 2nd, I have been forecasting the decline in Cryptos.  I am waiting for 5400 on BTC to start looking for a reversal pattern with positive D on RSI. Lean lower this week.  Trade safe.

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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