Crypto-Currencies: Bitcoin, Litecoin and Ethereum for August 23th

Crypto-Currencies / By

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 has turned, and looking for a last legg down for wave C and a reversal. Monthly pivot likely support 10600-10800 and the next legg up is expected.

 

 

ETHUSD – ETH is pulling back as expected. Wave Y appears to be in. Look for the completion of the pull back into 350ish and higher into October.

 

 

LTCUSD – LTC retracing as expected and already has made the monthly pivot area. Monthly pivot likely to hold at 52, and I am expecting continuation higher.

 

 

 

No change in forecast from last week. Crypto’s are a buy on the pull back. Three swings back and we will have an entry. Watch for monthly pivots as support and mind your stops below this level. Trade Smart and Trade Safe.

Written by:

Stan Nabozny

Stan is a 20 year retail trading veteran, CTA (Commodity Trading Advisor) 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.

23rd Aug 2020

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