Crypto-Currencies: Bitcoin, Litecoin and Ethereum for June 30th

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for June 30th

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 X or C as discussed last week is playing out in time verses price. This type of retracement pattern looks like a triangle which is forming now. From this compression pattern we will likely see a terminal thrust higher to complete the first sequence into 15,000. The broken trend line will likely hold as support and I am expecting the last legg higher to complete this pattern.

ETHUSD — Wave X is playing out like BTC – in time instead of price. Compression forming and higher prices expected directly in a terminal thrust from a triangle. Watch for a move into $434 next.

LTCUSD – No triangle here and a good example of why to track multiple Cryptos. LTC showing a standard flay, three back in the expanded version to finish a wave X – Monthly pivot support and higher expected next. So likely if this has turned, then others will also out of the triangle formations. Always a good idea to track instruments that correlate and go with the simplest patterns and formations to predict price movement.

 

Setting up a last move higher as triangles are a continuation pattern that come before a terminal move. We have a least another week of upside, maybe two. No resolution to the trade war so money should continue to move into Cryptos. 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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