Crypto-Currencies: Bitcoin, Litecoin and Ethereum for June 16th

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for June 16th

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 — BTC appears to still be in the pullback into wave C and lower prices into a shallower target of 6820. Expecting a higher high into 10500 after the retest is complete. 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 — Similar to BTC, wave B appears done and expecting C lower into 200-220. From there I am looking for new highs which should occur by the end of July into 300-325.

 

LTCUSD – I was wrong on the reversal on LTC – unlike BTC this crypto made the higher high directly and I am still expecting a three back and higher into 140 in late July. I am still expecting LTC to outperform BTC and so far it is doing so.

 

Looking for a completion this week to the retest on Cryptos this week. Will be looking for a long setup.  As the tariff situation continues, we should see money continue to roll out of China. 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. 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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