Crypto-Currencies: Bitcoin, Litecoin and Ethereum for August 2nd

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for August 2nd

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 — BTC made the decision last week to convert the trend line and higher prices had happened. I am looking for a three back and plan to buy BTC. Lots of room for this rally to the upside, looking for a three swing back to buy, should come close to being at the previous high to create a floor ceiling. Looking for this setup early this week.

 

ETHUSD – ETH has confirmed the upside break out last week, this has outperformed BTC and I am looking for a three back retracement structure to set up a long. We have until October for the next high so likely we see 275 before we see higher prices.

 

LTCUSD – LTC has broken up with BTC and I am looking for the same setup as BTC, a three back retracement to get long. This could come in at the previous high and if seen this would form a floor ceiling type structure.

 

The break up is a clear confirmation of continuation of the trend, so now we look to enter on a pull back. Three swings back and we will have an entry. 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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