Crypto-Currencies: Bitcoin, Litecoin and Ethereum for September 16th

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for September 16th

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 decline, still expecting wave C lower to play out into 5400 as first target and we can still see the trend line lower at 4700. Once the bottom is in, this may be a major turn on BTC.

ETHUSD — Target has been achieved at the $168 target and also the trend line as discussed. This is likely the end of wave 3, still needs and wave 4 and 5 to finish the decline. Lower low expected. Cross the monthly pivot and chances are we have turned and a major low may be in.

LTCUSD –  We have seen the low below $49 as discussed last week, appears to me that we need one more lower low to finish the pattern.  Expecting positive D on RSI and we can see a turn at target at 40.46. A lower trend line touch is ideal for a reversal.

We are close to a turn on Cryptos, BTC needs a lower low and ETH has been hammered. Any lower low on ETH and LTC is a potential longer term buy. I am waiting on a reversal pattern to set up first, still a little early. 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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