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

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for November 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 — Still waiting on  one of two supports either 5400 or 4700 by 11-18. This is a termination move and a lower low must be achieved to set up positive D on RSI. Once seen this can be wave B which is a significant bottom for Cryptos

ETHUSD — Still waiting on the 11-18 time frame for the move. We remain below the middle bollinger and expecting a lower low into the 140 area. This will set up positive D on RSI. I am looking for the end of wave B here.

LTCUSD – Still expecting at least $43 and positive D on RSI. Once seen I am looking for a clear reversal pattern in the second week of November or so. LTC may be the first of the Cyptos to turn.

Since my post back on Sept 2nd, I have been forecasting a decline in Cryptos. We 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 with positive D on RSI. We remain below the middle band which is still resistance. 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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