Crypto-Currencies: Bitcoin, Litecoin and Ethereum for September 23rd

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for September 23rd

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 — I am still expecting BTC to decline further. Last week there was a small retrace as a three back into the blue line, the monthly pivot at 6888 which I am expecting to hold. Lower prices to 5400 and possible 4800 are likely. The declining resistance trend line is key, just above the monthly pivot which must hold as resistance.

ETHUSD — Target has been achieved at the $168 target as mentioned last week. Lower is still likely as we have a three back in a flag.  At a minimum, a retest of the low is likely, and a lower low is possible here into 147-142. I am expecting positive divergence on RSI when the low is in.  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. Currently expecting at least $47 and positive D on RSI. We may still see 40.46. A lower trend line touch is ideal for a reversal.

Since my post back on Sept 2nd, we have been on a steady decline in Cryptos. The back test last week will eventually retest the low which may create positive D on RSI which would be an encouraging sign to buy. Until then, I am waiting for a reversal pattern to set, 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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