Crypto-Currencies: Bitcoin, Litecoin and Ethereum for October 10th

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 and so far BTC has found support. BTC may have turned, but the formation is likely a flag, so watch for a high around the 23rd of October and a lower low. I am still bullish but the cycle date  is in March. Watch for 9500 in early November for a buy.

ETHUSD – No change in forecast, ETH may have higher to go but should find resistance at the monthly pivot. ETH looks like a flag is printing and likely we see a lower low to the monthly S1. Watch for support around 283 and a buy in early November.

LTCUSD – LTC has broken the trend line and will likely follow BTC. Watch for the S1 as support in early November at around $37.

Crypto’s are in a retracement pattern and the formation on BTC appears to be a flag. The retracement should continue into late October.  The next move higher will come but likely we see the lower low first. Should be a great buying opportunity when seen. 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.

10th Oct 2020

Leave a Comment

Your email address will not be published. Required fields are marked *