Crypto-Currencies: Bitcoin, Litecoin and Ethereum for December 13th

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 — 5 down playing out as described last week and lower still the direction in the short term. Wave C playing out here.  The decline is expected to continue into 16345 or the broken rising resistance trend line. Watching for a completion of the retracement and then higher highs into March as discussed. The trend line that has been overthrown is possible support, I am expecting the floor ceiling just below.

 

 

ETHUSD – So far so good on BTC and ETH. Likely w are in wave C now and more downside is expected  This is an extremely overbought market and as a result lower bollie is the next target for the retrace. I remain bullish into March, more upside to continue.

 

LTCUSD – So far so good and just a step ahead of the other cryptos. Look for low for wave C into $65 then a higher high into March as discussed.

 

 

Crypto’s have all retested the high which is a bearish sign given the RSI setup. Looking for a decline this week into the targets already mentioned. I will be looking for a positive D setup on the completion of the 5 down and wave C and  I remain bullish Crypto’s into March of next year. 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.

13th Dec 2020

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