Crypto-Currencies: Bitcoin, Litecoin and Ethereum for May 31st

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for May 31st

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 — Still standing aside waiting on the next long setup – as discussed a few weeks ago – we took profits and expected a consolidation to play out, still playing out. I’d rather be in and out of a market like this so still waiting on the next long setup.  Patience is key and the next setup will come in a few weeks. We exited Cryptos three weeks ago near the high.

 

ETHUSD – Consolidation continues 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 near the monthly pivot again.

 

LTCUSD –  Looking for a marginal higher high and a sideways consolidation here. Stay in cash and wait for the next long setup in early June. It will be obvious on RSI where the entry will be – until the DON”T GET CHOPPED UP.

 

An over throw of the upper channel trend line is bearish short term and the pull back / consolidation is playing out as discussed. Play the long side and stay with the trend…. wait for the next long setup. Patience is a key skill in trading, nothing to do right now in Cryptos except wait. 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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