Crypto-Currencies: Bitcoin, Litecoin and Ethereum for September 1st

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for September 1st

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 — The triangle may be in trouble as we broke the support trend line. I am counting on this being an over throw as the Chinese Commerce Minister made comments to support a tariff de-escalation which did not occur. Continuation higher is expected in BTC. Still looking for wave D  in three waves to the trend line then the pullback for wave E and then the thrust higher. As the tariff war turns into a currency war we should expect to see Yuan devaluation continue and continued money flow into Cryptos. Target is still 15,000.

 

ETHUSD — On ETH, I’m not expecting much until the triangle resolves higher on BTC. We should see a higher high eventually on ETH. The current low should hold as we have printed wave C on the triangle on BTC which should see continuation higher this week.

 

LTCUSD – Probing the low here ad no reversal pattern yet, but looking for the Monthly Pivot (blue line) to convert into support. That seen, we have a reversal in LTC. When BTC breaks out of the compression pattern, we should see an expansion in the other Crypto’s including LTC.

 

BTC has broken key support and with the news bombs on the tape, this could just be an over throw. The low from last week needs to hold and continuation higher is required. Bull are in must perform mode. Given BTC’s position in the triangle, we should expect wave D to finish higher this week. 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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