Crypto-Currencies: Bitcoin, Litecoin and Ethereum for June 23th

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for June 23th

I plan to cover just three cryptos every week in this post: Bitcoin, Litecoin, and Ethereum. These instruments provide trading opportunities with out sized gains. I hope the analysis presented here helps you profit in these instruments.

BTCUSD — The wave C lower that I discussed to complete the retracement did not play out last week, instead we are headed higher directly into 10,500 as discussed and have made target. Looking for this wave Y to retest into the middle bollinger band area this week and higher expected into 13000s next. Could be seen as early as next week. With the G20 this week, if Trump gets a trade deal negotiated and the trade war resolves itself, expect a big exhale from BTC and lower prices. Mind your downside risk towards the end of this week.

ETHUSD — Wave C lower did not play out here and the higher target that was expected after the retrace has already played out. Chances are we still see continuation higher into the 430s the fall. For now, we are against trend line resistance so a likely pull back to support at the 263-66 middle band area is likely.

LTCUSD – Likely a wave B here last week and looking for wave C this week lower into support at 120-125 then higher into 175 is likely. LTC should continue to lead to the upside here on the next legg higher.

 

Last week pushed Cryptos to higher highs and likely this will continue until the tariff situation is resolved. Will be looking for a long setup on the next pull back as stated. See a resolution to the trade war and we see a move lower across the Cryptos. Trade Smart and 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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