Crypto-Currencies: Bitcoin, Litecoin and Ethereum for February 28th

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 — Mentioned last week that we would see a reversal in BTC as structurally we hit target. Likely at this point wave A is in and we have a 20+% correction. A B wave is needed then wave C. Looking for a three wave move and a correction that takes a bit more time as we just completed a major wave higher. Expecting support at 40700 and higher highs in wave Y.

 

ETHUSD – 5th wave completed as mentioned last week and the pull back was over 30%. As mentioned last week we were ending a major structure in ETH and this week we should see a B wave then lower lows or a double bottom before seeing wave Y transpire to the upside.

 

LTCUSD – Called the correction here too and this pull back was over 35%!!  We have already hit target for the retracement and we can still see lower lows. This retrace needs more time so expecting a B wave and then lower lows of a double bottom to then see wave Y to the upside.

 

BTC made the turn as discussed and was at the end of the wave 5 of a bullish structure. Now we should see a consolidation, meaning a rally of 10% or so then a wave C lower. I am looking for a setup long, at this point this is not it, waiting for quality. 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.

28th Feb 2021

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