Crypto-Currencies: Bitcoin, Litecoin and Ethereum for November 1st

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 pull back yet from BTC while other Crypto’s have pulled back. Still expecting a move lower into at least 12352 and as deep as 11533. Breakout should test the broken resistance trend line and then could rally from there directly.

 

ETHUSD – ETH has pulled back and is testing the support trend line as expected. The retrace may not be complete and can see one last legg lower to set up RSI.  Looking for support at 358 then higher highs into March.

 

LTCUSD – LTC has pulled back and has made monthly pivot. RSI says deeper is required so I am looking for 51.30 or so then the next rally.  We are in a bullish pattern with continuation higher into 3-18 target date.

 

The flags on ETH and BTC have broken up which is a bullish sign. Pull backs have begun but have more to go this week. Should be a great buying opportunity when seen later this week after the election.  I remain bullish into March 2021. 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.

01st Nov 2020

Leave a Comment

Your email address will not be published.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