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

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

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 — As mentioned two weeks ago, the triangle we had formed broke lower support trend line and we are now in a downtrend. We now have a new low with Positive D and a retest higher to middle band is possible. I’m still expecting a lower low into the 4800-4700 area to finish leg B.

ETHUSD — As discussed last week, no triangle here but a break of the low opens priced lower into the 340s. A lower low here sets up positive D on RSI, so a retest is possible of middle band, but lower is still expected to complete leg B.

 

LTCUSD – As mentioned two weeks ago, a break of 91.46 and open lower lows to $60. We have a lower low and positive D on RSI. A retest is possible, but middle band is expected to be resistance.  The monthly S2 is expected to be support at $65.

I would like to see some kind of capitulation during this move lower. This would mark a potential wash out bottom. Middle bands across these Cryptos need to hold as resistance to see the lows.  Trade Safe.

 

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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