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

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for August 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.

BTCUSD — BTC has seen 8000 as discussed a few weeks ago, we have turned early before the 8-3 window and will likely see 7160 support on the retest. Still expecting the next window higher in September. If you are new to my timing cycles for highs and lower, they are windows with 2-3 days on either side of the date. They are use primarily for direction on a trade. Support at 7160 is required to see the next legg higher.

ETHUSD — The retracement on ETH is a back test of the previously broken resistance trend line which also appears to be  double botttom. The 400-410 area is expected to hold as support, if seen we see the next rally higher into September. Watch for two targets 610 and 704 in September.

LTCUSD – The turn was early on LTC also, and we are retesting the broken trendline. Looking for 70 as support and timing says we head higher into September. Looking for the turn this week.

The reversal was early and looks to be close to complete. Support levels must hold as stated or we risk new lows across the board on Cryptos. The support test this week would mark the bottom and I am expecting the next high window around mid September.

 

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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