Crypto-Currencies: Bitcoin, Litecoin and Ethereum for May 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 — Nice call last week and a punch of the 3rd SD band is usually a good sign for a reversal on Cryptos. Looking for a low retest this week and the next step higher into the monthly R1 is likely. Watch for a 50-61.8% retrace and higher.

 

ETHUSD – At the upper end of the channel and a pull back is needed, higher highs are expected here. Watch middle band for support then the lower trend line. Likely we see full target by July  3233.

 

LTCUSD – Set up similar to BTC and we should see a low retest with support then the next major step up. The lower trend line here is a must hold to see continuation higher.

 

The 2nd and 3rd Bollinger bands are always good signal generators for Cryptos. Consolidation and higher expected across the board. ETH is way ahead and should see a pull back before more upside continues. These pairs will continue their bullish run as the USD continues to fall throughout the year. I remain bullish Crypto’s. Trade Smart and Trade Safe.

Written by:

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.

02nd May 2021

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