Crypto-Currencies: Bitcoin, Litecoin and Ethereum for May 27th

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for May 27th

Crypto-currencies are now mainstream trading instruments. I am providing charts in this blog on a weekly basis. I plan to cover just three cryptos: Bitcoin, Litecoin, and Ethereum. The point of this weekly post is to show the crowd psychology behind the price movement to support high-quality trades.

BTCUSD — We have seen 7155 and the 100% fib and the trend line as discussed. This triangle is a key structure to BTC going forward. 7155 holds then we see the triangle break up. If it breaks down we see BTC open then 4000 area. This week we should see the decision. Fail to convert the monthly pivot and we head lower.

ETHUSD — We have seen 580 as discussed and are now at an important support test on ETH. We are back testing the all time support trend line from the inception of the instrument. Breaking support here open a full retest of the low at 389 or so. Break and convert 620 and we should see a rally into the 800s in the coming weeks.

LTCUSD – We are now at triangle support trend line on LTC. There is a 70% chance we break up from this triangle and open the 200 target area after the support test at the trend line. Keep in mind that a break lower here opens a full retest of the low at 350.

Likely the triangles on LTC and BTC break up into the June time frame. Any break below the triangle support trend lines signal much lower prices for Cryptos. The support numbers mentioned above must hold and bulls must perform or we will see a major break lower.

 

About the Author

Stan Nabozny
Stan is a 20 year retail trading veteran and Co-Founder of The Art of Chart. A registered Commodity Trading Advisor, his specialties include using futures and options to trade Commodities, Equities, Currencies, Precious Metals and Bonds. 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.

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