Crypto-Currencies: Bitcoin, Litecoin and Ethereum for February 7th

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 rallied last week as discussed. At this point a higher high is epxected in March and support is now at the monthly pivot at 34225. We are concluding the first major wave up on BTC in March, likely 45000 by March 27th. Major degree wave Y is still to come, more upside to come in BTC in 2021.

 

 

ETHUSD – Rally as expected and we have already made the 1600 target in a week. As a result I am extending the target in March higher into 2000. Watch for a larger pull back and support test in the 1400s as we should see a pull back this week and another impulse higher.

 

LTCUSD – Impulse higher as expected and monthly pivot is now support. Still expecting a march high, support is at 140. Pullbacks are buying opportunities.

 

 

ETH is leading to the upside, BTC and LTC should follow. ETH has a very high volatility so larger pull backs are expected – use the 2nd and 3rd SD Bollinger bands on a daily basis for guidance on entries. More upside is expected into the March high window. These pairs will continue their bullish run as the USD continues to fall throughout the year. I remain bullish Crypto’s. 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.

07th Feb 2021

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