Crypto-Currencies: Bitcoin, Litecoin and Ethereum for September 2nd

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 — So far so good on the small rally into 7200-7300  before seeing a turn and new lows. Looking for 7260-80 and trendline resistance.  Looking for 4700 as the next leg lower and a turn is likely this week. I will be looking for double bottom support as well.

ETHUSD —  We may see a small rally into 295-300 but so far this is a compression pattern that is forming. Looking for a new low and 200% fib so far is 168 with timing window in the 9-18 time frame. Lower low is needed here and S1 is also possible support, convert the Sq at 209 and we open lower prices. Looking for sideways o marginally higher first later this week.

LTCUSD – A small compression pattern should complete this week, expecting lower prices.  We may see as low as $40 by September 20th which will set up nice positive D on RSI. Watching the S1 as another possible support. Lower low is needed here to set up the turn.

With only BTC advancing, chances are we are seeing a small 4th wave here and lower prices are expected across the board into Sept 20th. We may see a small rally as discussed, but the lean is lower into September 20th.

Written by:

Stan Nabozny

Stan is a 20 year retail trading veteran, CTA (Commodity Trading Advisor) and Co-Founder of The Art of Chart. 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

02nd Sep 2018

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