Crypto-Currencies: Bitcoin, Litecoin and Ethereum for February 17th

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 — This week there was no follow through on the impulse we had the week before. Invalidation is at 3276 and looking for this to hold going forward. The bulls must perform this week otherwise we risk a full retest of the low.  If we invalidate, we should see a move into a lower low into 2500s. Decision expected this week.

 

ETHUSD —  I need to see confirmation with follow through this week. Bullish clues include a break and conversion of the monthly pivot at 128.40. So far LTC has shown more interest in buying, looking for a confirmation this week on ETH.

 

LTCUSD – LTC has retested as expected and is holding.  Again, a high into April is expected. $48 is the first target to the upside on LTC. Bulls need to demonstrate some follow through to generate more buying interest. This is the Crypto to watch this week.

My lean is that the uptrend will continue, watch my invalidation levels in case of a conversion. The price action is encouraging 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. 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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