Crypto-Currencies: Bitcoin, Litecoin and Ethereum for October 18th

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 has formed a flag as discussed and most likely we see the flag break lower this week. A marginal higher high is still possible, but ETH and LTC have already started the decline. I am still bullish but the cycle date is in March. Watch for 9500 in early November for a buy.

 

 

 

ETHUSD –  ETH looks like a flag has printed and a decline has started. I am expecting to see the lower bollie at a minimum into early November and possibly the  monthly S1. Watch for support around 283 and a buy in early November.

 

 

 

LTCUSD – LTC flag has also broken and looking for a retest of the low before seeing the turn into March. Watch for a turn into the end of October. The decline should continue this week.

 

 

 

Crypto’s are in a retracement pattern and the formation on BTC appears to be a flag. The flag on ETH and LTC has appears to have turned, no trend lines broken yet. 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 on late October/early November. 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.

18th Oct 2020

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