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

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for February 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 — Nice short setup here with negative D and expecting a pullback into the previous floor ceiling and higher into April. Day trade only short, look for a place to add long after a three swing pull back.

 

ETHUSD — Half way to target and higher still expected after a pullback. Watch BTC for clues but here expect a shallow pullback into 240 or so then the next legg higher. Looking into late April for the next major high.

 

LTCUSD – Nice rally here on LTC and this is slightly lagging the other two cryptos. Pullback into 50 or so and a legg higher expected. Watch BTC for clues and a three back structure.

 

RSI is overbought and there is negative D – rally will continue but this week watching for a support test. and higher. 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.

Comments are closed.