Crypto-Currencies: Bitcoin, Litecoin and Ethereum for November 17th

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for November 17th

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 retrace is still in progress, no break yet and the wedge is very narrow.  I am expecting the flag to break up and the monthly pivot to be converted into support. I am looking for continuation higher this week and a conversion of the monthly pivot.

 

ETHUSD — Sideways consolidation and a possible triangle here. If BTC breaks the flag to the upside, expecting ETH to follow. Monthly pivot being tested as support. The lean is higher and looking for a rally by the end of this week and higher highs.

 

LTCUSD – Not much bullish action yet, but the three back is testing monthly pivot and likely we see support this week and the next legg up. Watch for the wedge on BTC to break up for a clue which will support LTC for more upside.

 

Still looking for a confirmation of the turn by seeing the monthly pivot convert and the flag on BTC break up. Wedges to break down but given the impulse on BTC, lower odds. The wedge break is the key sign for the next legg up. 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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