Crypto-Currencies: Bitcoin, Litecoin and Ethereum for February 2nd

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for February 2nd

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 — So far so good on the rally, we are now 5 up and need a retracement into the previous degree wave 4 and then higher into the April 15th window. This week we should see more volatility in Cryptos as a result of the Chinese New Year being finished. Watch for support 8200.

 

ETHUSD — We have likely completed or are close to completing the first legg up on ETH – looking for a pullback and support for the next legg higher. Watch for support this week at 150 then higher highs expected.

 

LTCUSD – A 5 up structure here also and the completion of the first impulse, negative D and a pullback espe3cted and continuation higher. Watch for $50 as support this week.

 

Retesting across the board and a wave three about to begin? This week with the flu in China and the end of Chinese New Year expect more volatility. Key is the support test as per the levels provided.  My lean is higher into October on 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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