Crypto-Currencies: Bitcoin, Litecoin and Ethereum for October 13th

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for October 13th

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 — Looking at a small flag pattern and a lower low with a measured move into the 7522 area. I am expecting a small wave  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 reversal.

 

ETHUSD — Still looking for a lower low and positive D on RSI and still looking for monthly S1 support at 143.85. This drop represents a buying opportunity for Cryptos. Wait for a reversal pattern to form before buying.

 

LTCUSD – Lower low likely here too. Flag pattern and a lower low into the monthly S1. Wait for the reversal pattern to form before buying, I am expecting a reversal in Cryptos in the next week or so.

 

Watch for Positive Divergence on RSI across the Cryptos. As mentioned last week this will strengthen the long setup. Waiting for the reversal pattern is smart, looking for the setup toward the end of 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.

Leave a Reply