Crypto-Currencies: Bitcoin, Litecoin and Ethereum for February 3rd

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for February 3rd

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 — Over the last three weeks, no change in forecast. We got close to our invalidation at 3276 but have not broken it. I have a cycle high in April so looking for a rally and the invalidation level to hold as support. If we invalidate, we should see a move into a lower low into 2500s.

 

ETHUSD — No change in forecast, as we have not broken the 101 area, which is our invalidation. Break 101 and we can see a full retest of the low and possibly a lower low. This week should give us clues. Bullish clues include a break and conversion of the monthly pivot at 128.40.

LTCUSD – No change again, as price has moved sideways, the move higher invalidates below 25.87. Any break and we open a retest of the low and possibly a lower low. High cycles are in April so if we do break down, I expect it to be a quick test. We need to convert the monthly pivot to see any sustained upside momentum.

My lean is that the uptrend will continue, watching my invalidation levels in case of a conversion. Bulls need to convert monthly pivot to create upside momentum. Any break of the invalidation levels opens a retest of the lows and possibly a lower low to 2500 on BTC. 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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