Crypto-Currencies: Bitcoin, Litecoin and Ethereum for October 21st

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for October 21st

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 — No change in forecast, still in a retracement, lower prices still expected.  Expecting a termination move and one of two supports 5400 or 4700.  This is a termination move and a lower low must be achieved to set up positive D on RSI. This is a significant low on Cryptos and I am looking into the November time frame for a turn.

ETHUSD — No change in forecast. Target has been achieved at the $168 target as mentioned two weeks ago. We have broken lower and am expecting a lower low into the November time frame and the 147-140 area. This will set up positive D on RSI. I am looking for the end of wave B here.

LTCUSD – No change in forecast. We have seen the low below $49 as discussed a few weeks ago. Currently expecting at least $43 and positive D on RSI. Once seen I am looking for a clear reversal pattern in the first week of November or so. Let’s see how this sets up.

Since my post back on Sept 2nd, we have been on a steady decline in Cryptos. We formed and have broken the triangle on BTC which means that a terminal move lower is playing out.  I am waiting for 5400 on BTC to start looking for a reversal pattern and positive D on RSI. My cycle work indicates a turn in early November. 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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