Crypto-Currencies: Bitcoin, Litecoin and Ethereum for June 2nd

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for June 2nd

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 — Pullback has started for wave X into 6600 that I discussed last week. Once we see the pullback expect a higher high and another rally into 10500. The tariff situation and the CBoC limiting the withdrawal of USDs from Chinese banks so money is being rotated onto BTC. If the trade war resolves itself, then expect a big exhale from BTC.

 

ETHUSD — ETH has printed wave A and B of the pullback, it needs a wave C into 220 or so.  From there I am looking for new highs which should occur by the end of July into 300-325.

 

LTCUSD – So far wave A and B of the pull back needs a wave C lower into 85-90 then higher. I am looking for another rally into 140 into late July,  LTC has been the largest gainer so far, I expect it to continue to perform well.

 

I am expecting a larger pullback before we head higher. As the tariff situation continues, we should see money continue to roll out of China. Keep in mind this Crypto rally is fragile, see a resolution to the trade war and we see a move lower across the Cryptos. 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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