Crypto-Currencies: Bitcoin, Litecoin and Ethereum for August 16th

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 change in forecast, BTC topping out with wave 1, pullback is a buy at the monthly pivot 10600 with lots of room for this rally to the upside. Looking for this setup this week for a long.

 

ETHUSD – ETH has confirmed the upside break and is outperforming BTC. We have a higher high here and not in BTC which is in a triangle. Look for a retrace this week in the 306-320 area. Expecting higher prices into October. Crypto’s are a buy on the pull back.

 

LTCUSD – LTC has broken up with BTC and has consolidated.  Three back into the monthly pivot and then higher. Looking for a high in October, this has room to run to the upside after the retrace.

 

No change in forecast from last week. A triangle on BTC means we could see a small press higher before the pull back. 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. Watch for monthly pivots as support and mind your stops below this level. Trade Smart and Trade Safe.

Written by:

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.

16th Aug 2020

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