Crypto-Currencies: Bitcoin, Litecoin and Ethereum for December 9th

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for December 9th

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 — No turn yet as 4705 has not converted, lower low and positive D on RSI. A better setup this week and the same is expected, break and convert 4705 and we have a confirmed turn on Cryptos. Weekly pivot sits 3623 so a conversion there is an early signal. Support is expected at 3380. I think we may be putting in Major Degree wave B here. Higher prices are still expected into 9000s by April once we find the reversal pattern.

ETHUSD — Target achieved here and then some. Positive D on RSI is present. Looking for a reversal pattern here. Higher prices expected into April of 2019. Confirmation of the turn on ETH is a break and conversion of 170.

LTCUSD – No reversal pattern here yet as the low was broken last week. We have positive D on RSI and a confirmation of the turn occurs on a break and conversion of $44. We need to see bulls take the tape this week and a reversal pattern set up. I believe we are close here to seeing a significant turn.

All targets achieved across the board. The higher low broke down last week and there is still a possible turn setting up here. Positive D on RSI and I am still looking for a reversal pattern. Confirmation levels given, bulls need to take the tape this week. A rally through April is expected across the board once we reverse. 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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