Crypto-Currencies: Bitcoin, Litecoin and Ethereum for January 6th

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for January 6th

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 — Converted the weekly pivot at 3888 last week as stated and looking for first three up at 4613. The turn is confirmed. The next cycle date is in April, if monthly pivot holds,  I am looking for higher prices into the $8000s. Retest is coming after we see 4600s.

ETHUSD — Well on our way and through the weekly pivot last week. Looking for 189s as the first three up then a retest of the low which should hold monthly pivot at  123s. We should see the next rally unfold into the next cycle window in the April time frame.

LTCUSD – We converted 31.92 last week and looking for a rally into $42.00 for first three up. Turn is confirmed and  likely we see the rally into April as mentioned. Monthly pivot must hold as support on the retest.

 

Weekly pivots have converted and the turn is confirmed as of last week. First three up in sight for this week and a retest of the low is expected. Monthly pivots are expected to hold and a rally should ensue into the first cycle date of April and then further into July.  Trade Safe.

About the Author

Stan Nabozny
Stan is a 20 year retail trading veteran 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 www.huffingtonpost.com.

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