Crypto-Currencies: Bitcoin, Litecoin and Ethereum for October 6th

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for October 6th

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 — Still expecting the flat as discussed last week, 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. We may see a lower low early this week then the revrersal.

 

ETHUSD — A lower low and positive D on RSI is still possible and looking for the monthly R1 as support at 143.85. This drop represents a buying opportunity for Cryptos. Wait for a reversal pattern to form before buying.

 

LTCUSD – LTC is a little different as there is already positive D formed. We still have R1 support and again, wait for the reversal pattern to form before buying, I am expecting a reversal in Cryptos in the next week.

 

Watch for Positive Divergence on RSI across the Cryptos, likely this will be seen to strengthen the setup. Waiting for the reversal pattern is smart, will create a stronger setup to buy.  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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