Crypto-Currencies: Bitcoin, Litecoin and Ethereum for December 16th

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for December 16th

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 and weekly pivot did not convert last week. Still looking the weekly conversion as a first sign of a turn and then a reversal setup should emerge. Weekly pivot is 3324.  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 —  Targets achieved two weeks ago and still looking for a reversal pattern here. Higher prices expected into April of 2019. Reversal setup of the turn requires a break and conversion of weekly pivot which is 87.30. Once seen a retest that holds the low is a buy.

LTCUSD – No reversal pattern here yet we have positive D on RSI and a confirmation of the turn occurs on a break and conversion of $29. 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 two weeks ago and the higher low broke down last week. There is still a possible turn setting up here. Positive D on RSI and I am still looking for a reversal pattern.  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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