Crypto-Currencies: Bitcoin, Litecoin and Ethereum for December 2nd

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for December 2nd

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 — Target achieved at 3574, positive D in place and now a possible higher low. It appears we have turned on BTC right on the cycle date of 11-25. If the higher low holds, the turn confirms on a break and conversion of 4705. This in place, I have the next cycle high in April of 2019. I think we may be putting in Major Degree wave B here. Higher prices expected into 9000s expected by April.

ETHUSD — Target achieved here too, 91.13 on the number, nice turn on the cycle date too. Positive D on RSI is present so long as this low holds. Higher prices expected into April of 2019. Conformation of the turn on ETH is a break and conversion of 170.

LTCUSD – Lower as expected and target achieved at 28.34 mentioned last week. Reversal pattern may be forming here. Confirmation of the turn occurs on a break and conversion of $44.  So far so good on the turn — need to see bulls take the tape this week.

Cycle date seems to have worked on 11/25. All targets achieved across the board. Currently we have a potential higher low. Confirmation levels given. We can still make a lower low, but likely only a 30% probability. Bulls need to take the tape this week. A rally through April is expected. The bearish trend from my post on Sept 2nd may be over.  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.

Leave a Reply