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

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

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 — Rally has made target and I am expecting a turn later this week and a retest into the monthly pivot at 8087. Take profits and perhaps leave a trailer as I am expecting higher prices once we see a retracement pattern complete.

 

ETHUSD — Rally has made target here and has over thrown the upper channel as well. Again, this can consolidate here for a few days but next move is lower into a support test at monthly pivot at $183.

 

LTCUSD – LTC is lagging the other Crypto’s and we ave found resistance at the monthly R1. Watch for monthly pivot support and a rally into the next high window around the 5/24 timing cycle.

 

Nice profits from our call for a turn at the low and a text book rally. An over throw of the upper channel trend line is bearish short term and a pull back is needed. 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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