Crypto-Currencies: Bitcoin, Litecoin and Ethereum for August 29th

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 — As discussed last week, RSI is still extended so we can see more consolidation sideways and a possible move back into 44000. Natural support should be the broken trend line and the lower bollinger band. Overall forecast is still higher as the USD should continue to decline this week.

 

ETHUSD – RSI is still overbought so expecting a small retest before seeing the next major move higher. Middle band is still expected to be support on any retest. Look for the retest this week.

 

LTCUSD – No change here as RSI is still overbought, chances are that we see a pull back and higher highs. Watch the middle bollinger band for support.

 

Not much of a change since last week so still watch for a pull back and possible lower band touch before going higher. Lots of compression building. Higher highs are expected across all Cryptos. 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.

29th Aug 2021

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