Crypto-Currencies: Bitcoin, Litecoin and Ethereum for November 25th

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for November 25th

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 — Mentioned last week, we needed lower with a wave 4 and 5 to set up positive divergence. It appears that this is now in place. The low cycle date is upon us this week, so looking for a reversal pattern here around 3574. This appears to be a capitulation move. I am waiting on a reversal pattern as a confirmation before entering long. We are completing wave B which is likely a significant bottom on Cryptos.

ETHUSD — ETH has set up a small 4 and 5 and likely we have either seen the low or we may still see $91. Positive D on RSI is present so as long as this holds we can see a reversal this week. If this breaks, we can open lower prices so wait for a confirmation first. Trade this only on a confirmation of the low.

LTCUSD – Lower as expected and at 28.34 target. This week, looking for a reversal pattern and this Crypto may lead the turn. Will be watching this daily and will post on Twitter the reversal pattern when seen. Likely we will base for a while before seeing higher prices so there will be plenty of time to enter long.

Cycle date is still 11/25. We have seen the move lower as expected and now have set up positive divergence across all Cryptos. Now we are in the turning process, looking for a reversal pattern this week, and being cautious on any longs as this appears to be a capitulation move. Lighten up if you are short and take profits. 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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