Crypto-Currencies: Bitcoin, Litecoin and Ethereum for December 23rd

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for December 23rd

Happy Holidays from all of us at The Art of Chart!!!

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 — The turn is likely underway. I have been looking for the turn since the cycle date two weeks ago, this may be it. Key indicator is a retest of the low that hold support at 3600-3630. From there, we impulse higher and clear 4000 into January. The next cycle date is in April, if support holds, I am looking for higher prices.

ETHUSD — The retest this week is key to deciding if the low is in. We need more separation from the low and likely we find support at 84.25 or so. If see,n I am expecting a conversion of monthly pivot which confirms the turn.

LTCUSD – A significant turn may be in place for Cryptos in general. The retest on LTC needs to hold 25.54. If seen and a break of the current high confirms the turn.

 

Likely a turn is brewing here, I need to see the support test to confirm higher prices.  A rally through April is expected across the board once we reverse. We may see some tax loss selling this week, I am expecting it to be light.  Happy Holidays and  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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