Crypto-Currencies: Bitcoin, Litecoin and Ethereum for September 29th

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for September 29th

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 triangle has broken down which was the 30% option and often when a triangle breaks in the 30% direction it forms another pattern, in this case a flat with a measured move support in the 7522 area. I am expecting a small wave 4 and 5 and a positive D setup on BTC to take it higher. New highs are still expected.

 

ETHUSD — With the break down in the triangle, we also have a lower low to the support trend line in BTC. The monthly R1 is there as support and I am looking for support at 143.85. This drop represents a buying opportunity for Cryptos. Wait for a reversal pattern to form before buying.

 

LTCUSD – The break of the triangle has resulted in a lower low on LTC. This can be the largest % gainer in the next rally as we are retesting the low. I am expecting the monthly S1 to be support. Again, wait for the reversal pattern to form before buying, I am expecting a reversal in Cryptos in the next week.

 

The triangle has been weeks in the making and it is disappointing that it invalidated and broke down. We now have a new pattern and looking for Positive Divergence across the Cryptos we track to see the next setup. Waiting for the reversal pattern is smart to do until the reversal is apparent. 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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