Crypto-Currencies: Bitcoin, Litecoin and Ethereum for February 24th

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for February 24th

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 — Last week we had good follow through by the bulls. Likely we see a retest and higher to set up neg D for a larger retest. LTC is a step ahead of the rest as Neg D is in place already. Lean is higher into first target 4613. Once the retest is complete we should see a larger impulse higher. Monthly pivot here must hold as support.

 

ETHUSD — Monthly pivot converted and likely we see continuation higher into  $188s. From there a retest of the low is likely and looking for monthly pivot to hold when seen.

LTCUSD – LTC is leading the way to the upside, neg D is currently in place and we have achieved first target.  Bulls has demonstrated follow through last week, watch for a retest no lower than month pivot, I would not be surprised to see the R1 as support and higher directly, watch 38.64.  This is again the Crypto to watch this week.

My lean is that the uptrend will continue, watch this week for a wave 5 and a reversal to retest the low. Again, monthly pivots here are important. LTC seems to be leading the way, this may continue into April.   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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