Crypto-Currencies: Bitcoin, Litecoin and Ethereum for March 18th

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for March 18th

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.

BTCUSD is still in the wave 2 pullback and beyond the 100% fib target. It will likely make the flat target at 7079. This is still a wave 2 until the B wave breaks which is not expected. I am expecting a decent long setup this week with the next cycle high into the 4-22 time frame.
The first step to confirming the turn is a conversion of the middle bollinger band.

ETHUSD is also beyond the 100% fib target for wave 2 and is also likely in a flat. The Monthly S1 is just below at 556 and is expected to be supported. The turn confirms on a break of 717. A break of the wave 4 low opens up a lower low to the base trend line below. I am waiting for a clear reversal pattern to enter long.

LTCUSD has made the .618 retracement target and may turn here this week. There is no clear reversal pattern yet. A break and conversion of 172 and likely the low is in. I am looking for the next high window sometime in the late April time frame.

Keep in mind that if the wave B or wave 4 lows are broken this week, this will change the forecast and the base trend lines may be challenged next. For now, I am expecting higher prices into mid-April. Middle band this week is key to the next impulse higher.

 

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 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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