Crypto-Currencies: Bitcoin, Litecoin and Ethereum for Sept 12th

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 — A turn as expected and made target at monthly pivot as discussed. Looking at RSI and the bollinger bands, this retracement may not be complete yet. Ideally seeing the lower band and also a full three down retracement structure would be a better buy. The lean is bullish and a back test of the broken trend line is likely. Look to buy Cryptos when this is seen.

 

ETHUSD – Nice turn as expected last week, and like the BTC chart, appears that a wave C is missing in the retracement structure. Cryptos have a way of blowing out support into the 2nd and 3nd BB bands, so likely we will se another legg lower. This is a bullish move to new highs and this is just a simple retracement, lean long once the lower bollies are seen.

 

LTCUSD – Nice turn as discussed last week, and now looking at RSI and also the bollingers, likely we see a three down structure as a retracement. Once the flag finishes, look long here as Cryptos have started the next bullish legg higher.

 

The Negative D on RSI pointed out last week is playing out across the Cryptos, also the USD retracement last week had an impact. A USD turn is expected this week and across Cryptos it appears we could see a wave C lower to finish the flag.  Once seen, the next bullish move is expected which could be later this week.  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.

12th Sep 2021

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