Crypto-Currencies: Bitcoin, Litecoin and Ethereum for August 8TH

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 — The rally continues and we shoud make it through the declining resistance trend line this week. The middle band was almost fully tested and could still be tested this week. The USD appears to be at resistance now which means that BTC is likely going to see another legg higher. USD continuing to drop will continue to push Cryptos higher.

 

 

ETHUSD – More upside is expected and there has been a minimal retest, RSI is overbought so expecting a small retest before seeing the next major move higher. Middle band is still expected to be support.

 

LTCUSD – Middle band here holding as support and I am still expecting more of an expansion to the upside. The bands have not yet expanded and I am looking for a push into the 2nd SD the band expansion that will follow. Still bullish LTC.

The USD is at a resistance are and if we see the next major fall into 88.50 then Cryptos should see a bog rally. Middle band is your marker for support at this point and higher highs are expected. USD should continue to devalue and I am expecting Cryptos to continue to be bullish. 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 Aug 2021

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