Crypto-Currencies: Bitcoin, Litecoin and Ethereum for November 24th

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for November 24th

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 wedge we were expecting to break up – broke down. Likely we see a small retrace this week and a lower low to set up positive divergence on RSI and then the next rally. Watch 6600 for support and a reversal.

 

ETHUSD — The consolidation pattern broke down and we are oversold on RSI – likely we see a small wave 4 and lower for 5 to set up positive D here also. Watch for a reversal around the 131 area.

 

LTCUSD – Not much bullish action yet, I am watching for the monthly S1 pivot for a possible test this week, we should see positive D on RSI here also, LTC is oversold and a  marginal lower low provides a nice setup.

 

The trend according to my cycle work is still up. We did break down last week and may still see a marginal lower low for the next long setup.  We are oversold across the board which favors the bul camp in the short term.  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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