Crypto-Currencies: Bitcoin, Litecoin and Ethereum for July 7th

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for July 7th

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 — Expecting higher prices directly from the low Friday as we have monthly pivot and weekly pivot support. Looking for 15,000 next as the first wave higher. We should see a larger retracement once the first wave finishes to the previous degree wave 4 which is currently is in the monthly pivot area. Chances are we see a larger rally from there.

 

ETHUSD — Retracement wave looks complete, expecting a higher high into 434 next . ETH is lagging BTC  and should continue to do so. Higher high expected this week.

 

LTCUSD – Retacement wave competed here also, expect the next legg higher directly into the 230 area. I am still expecting LTC to outperform in the Crypto space.  We should see 50% back the previous swing at the next high then a larger pull back.

 

We have a least another week of upside, maybe two, to complete this first bullish legg higher. A negative D setup on RSI is what I am looking for. Until then we are in buy the dips mode.  Technically we are in a last legg of the first bullish structure.  No resolution to the trade war so money should continue to move into Cryptos during this next legg higher. 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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