Crypto-Currencies: Bitcoin, Litecoin and Ethereum for March 4th

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for March 4th

Crypto-currencies are now mainstream trading instruments. I am providing charts in this blog on a weekly basis. I plan to cover just three cryptos, Bitcoin, Litecoin, and Ethereum. The point of this weekly post is to show the crowd psychology behind the price movement to support high-quality trades.

BTC as discussed made the 11,000 area and now the wave 2 pullback may be shallow and also complete. Watch the cycle low window of 3-7 as a center date as there is still risk of a lower low for wave 2. We are above the middle BB which if it acts as support, we should see a higher high. This seen will confirm the turn.

ETHUSD made the wave 1 target and the wave 2 may be done and is shallow. I was expecting 768 and got 786. There is still risk to see the lower low this week, if we break above the middle BB, likely wave 2 is in and we start the legg higher in wave 3.

LTCUSD has completed wave 1 as expected and may be complete with wave 2. Monthly pivot at 184.74 will likely hold prices up. There is a clear compression pattern here which should resolve higher. Any break of the higher this week and I confirm the turn is in.

The turn appears to be in on all three. A break of the current wave 1 highs confirms the the upside and the start of wave 3.

 

About the Author

Stan Nabozny
Stan is a 20 year retail trading veteran and Co-Founder of The Art of Chart. A registered Commodity Trading Advisor, his specialties include using futures and options to trade Commodities, Equities, Currencies, Precious Metals and Bonds. 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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