Crypto-Currencies: Bitcoin, Litecoin and Ethereum for June 3rd

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for June 3rd

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 bounced of triangle support as discussed last week.  This triangle is a key structure to BTC going forward. We need to convert the Monthly Pivot on BTX this week to open the upside. Any resistance in this area and we see BTC open then 4000 area. This week we should see the decision at Monthly pivot.

ETHUSD — We are back testing the all time support trend line from the inception of the instrument. . Break and convert 620 and we should see a rally into the 800s in the coming weeks. Find resistance at the monthly pivot and we open a full retest of the low. This decision going to influence price for weeks to come.

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. Convert monthly pivot and the turn is confirmed. Keep in mind that resistance at monthly pivot and a break lower here opens lower lows.

Monthly pivots are key this week to an upside break out. 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.

 

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 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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