Crypto-Currencies: Bitcoin, Litecoin and Ethereum for August 18th

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for August 18th

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 — It appears that we may be forming a triangle, which is a continuation pattern and in this position may also be a termination pattern for the first major legg higher in BTC. The lean is higher into 15000 and if a triangle is forming this is likely a termination move for this  legg calling for a larger retest – typically back into the triangle. This week we should see upside in price to the upper trend line.

 

ETHUSD — ETH is not correcting in time, it is correcting in price. So corrections in time are basically compression patterns like triangles. In this case no compression just lower prices so a correction in price. Likely ETH is in the last wave here and looking for a reversal this week.

 

LTCUSD – We did not find support here as mentioned last week. I am looking for a reversal this week as we have a correction in time finishing. The reversal should mirror the one in BTC.

 

BTC may be correcting in time with a triangle, if so, likely the move higher will terminate this rally. Time will tell. Other Cryptos not correcting in time, so just a pull back before the next rally. Given BTC’s position in the triangle, looks like a reversal should be expected this week. 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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