Crypto-Currencies: Bitcoin, Litecoin and Ethereum for June 9th

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for June 9th

I plan to cover just three cryptos every week in this post: Bitcoin, Litecoin, and Ethereum. These instruments provide trading opportunities with out sized gains. I hope the analysis presented here helps you profit in these instruments.

BTCUSD — Pullback continues for wave X into 6600 as discussed over the last few weeks. Legg C lower and we should then see the next rally.  Expecting a higher high into 10500. The tariff situation with China is not getting better. If we have another tariff on the remaining Chinese imports, then we should continue to see money rotating into BTC. If the trade war resolves itself, then expect a big exhale from BTC and lower prices.

 

ETHUSD — Retrace still in progress here too,  wave C into 220 or so is still expected. From there I am looking for new highs which should occur by the end of July into 300-325.

 

LTCUSD – Looks like a possible flat here with legg C coming this week. LTC should lead the next legg to the upside. So far wave A and B of the pull back looks complete,  needs a wave C lower into 85-90 to complete. I am looking for another rally into 140 into late July, LTC has been the largest gainer so far, I expect it to continue to perform well.

 

Looking for a completion this week to the retest on Cryptos this week. Will be looking for a long setup later this week, to early next week. As the tariff situation continues, we should see money continue to roll out of China. Keep in mind this Crypto rally is fragile, see a resolution to the trade war and we see a move lower across the Cryptos. 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. 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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