Crypto-Currencies: Bitcoin, Litecoin and Ethereum for April 7th

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for April 7th

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 finally made target on BTC which has been lagging behind LTC. We have a small compression pattern printing now so likely we see a last push higher into the cycle window. I’m expecting 5440 as a high area with negative D on RSI. Once the flag completes into April 19th or so, lower lows are expected on BTC.

 

ETHUSD — Compression has expanded to the upside here as expected, we are essentially at target, just below. We should make a higher high here to reset negative D on RSI and I am expecting a lower low on ETH. Reason being the entire structure appears to be a flag from the low.  Likely we complete a higher high into the  April cycle date and then lower prices. Lower lows expected in ETH after April 19th.

 

LTCUSD – The only Crypto that is acting as if the low may be in is LTC. It is likely printing a wave 4 and a higher high is expected into the cycle date on 4-19. The monthly S1 should hold as support and we should see LTC start the next legg higher from there.

 

As discussed previously, likely this is a flag pattern that will eventually break lower and make lower lows. The only Crypto behaving like it may have turned is LTC. Time will tell if LTC will hold up, but more than likely after the April cycle date, we should see new lows on BTC and ETH. Trade Smart and 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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