Crypto-Currencies: Bitcoin, Litecoin and Ethereum for February 10th

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for February 10th

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 — Friday’s rally may be the start of the move higher that I have been discussing. We have compression again and a pinch of the bollies and a squeeze higher Friday. Follow thru this week  if seen is the start of the move higher into April.  Invalidation at 3276 and looking for this to hold going forward. This week will say a lot about the next cycle higher.   If we invalidate, we should see a move into a lower low into 2500s.

 

ETHUSD — Not as strong a move on ETH, but still the possible beginnings of a rally. I need to see confirmation with follow through this week.  Bullish clues include a break and conversion of the monthly pivot at 128.40.

 

LTCUSD – The biggest move was on LTC. This was a strong move Friday. One day does not a trend make so follow through is important to see early this week. Again, a high into April is expected. $48 is the first legg up on LTC.

My lean is that the uptrend will continue, watching my invalidation levels in case of a conversion. Friday’s price action is encouraging, especially on LTC.  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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