Crypto-Currencies: Bitcoin, Litecoin and Ethereum for February 9th

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for February 9th

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 — No retest last week and still looking for one with the negative D on RSI – the retest is still expected which is a buying opportunity. Monthly pivot should hold as support and still looking for continuation higher into April.

 

ETHUSD — No retest here either and still looking for some relief on RSI – no negative D here so a possible higher high can play out before a retest. Give the rally expected RSI needs to reset to support a larger rally. This is a buying opportunity.

 

LTCUSD – Looking for a retest here as we are overbought on RSI. Look for a buying opportunity on a three back structure and watch for $50 as support this week.

 

Retesting across the board and a wave three about to begin?  RSI is overbought and likely we see a pullback and higher.  My lean is higher into October on Cryptos. 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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