Crypto-Currencies: Bitcoin, Litecoin and Ethereum for May 10th

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for May 10th

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 — Good exit last week as as you can see we have already made monthly pivot, we can see lower lows in a wave C this week. At this point stand aside from Cryptos and wait for the next long setup, sideways consolidation is possible so don’t get chopped up. Patience is key and the next setup will come in a few weeks.

 

ETHUSD – This can consolidate and we made the support test at monthly pivot at $183. Expected sideways consolidation into early June and then the next legg up. Wait for the next long setup.

 

LTCUSD – Monthly pivot support has been made and also the lower bollie. Looking for a marginal higher high and a sideways consolidation here. The previous target has been made, stay in cash and wait for the next long setup.

 

Nice profits from our call last week and the end of a text book rally. An over throw of the upper channel trend line is bearish short term and the pull back is playing out. Play the long side and stay with the trend…. wait for the next long setup. Trade Smart and Trade Safe.

About the Author

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.

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