Crypto-Currencies: Bitcoin, Litecoin and Ethereum for July 8th

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for July 8th

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 — We hit our low window last week and a turn may be developing here. Not enough separation from the low to confirm yet, but a higher low at 6160 as support should drive prices higher. Positive D on RSI is in place. See 6160 and convert the monthly pivot at 6645 and likely we open the 8-3 window. 6160 fails to hols we should see a lower low.

 

ETHUSD — Positive D already established on RSI. The turn window was expected around 7-5, so this can be a turn, needs more price action to confirm. Break higher and retest into 440-443 and find support, likely we see higher prices into 580.

 

LTCUSD – A turn can be developing here, find resistance at 100 then see a support test at 82, and likely we see higher prices directly. Convert 82 into resistance and it is possible to see a lower low.  This week should clarify if the turn is in.

Since the break down of the triangle, we have been heading lower as discussed. With the low timing window last week, there is not confirmation of a turn yet. The support test this week will clarify the price action going forward.

 

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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