Crypto-Currencies: Bitcoin, Litecoin and Ethereum for December 1st

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for December 1st

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 — Trend line break to the upside and a possible turn here. The retracement wave is likely done. Key is support at broken trend line resistance or 6600. A conversion of Monthly Pivot will confirm the turn.

 

ETHUSD — We likely see a small wave 4 and lower for 5 to set up positive D here. The wedge pattern should break up. BTC may see a higher low, and ETH can see a lower low. We are close to a reversal here. Watch for a reversal around the 131 area.

 

LTCUSD –  I am still  watching for the monthly S1 pivot for a possible test this week, we should see positive D on RSI.  LTC is oversold and a marginal lower low provides a nice setup.

 

The trend according to my cycle work is still to the upside. We are oversold across the board on Cryptos. Lean long here with a reasonable stop below. 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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