Crypto-Currencies: Bitcoin, Litecoin and Ethereum for June 6th

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 — As mentioned, the turn appears to be in. Confirmation of the turn occurs above the middle band which is curently being tested. Break and convert we open new target at 78,554. We aware that this is a consolidation that appears to be a triangle. On RSI is does not have the characteristics of a triangle so more likely we break up directly. 30% chance of a retest of the low keep in mind.

 

 

ETHUSD – Middle band on a daily basis appears to be converted here. ETH slightly ahead of the other cryptos. Looking for a conversion of 2939 this week and more upside into target at 5432

 

LTCUSD – Turn appears to be in and looking for middle band on a daily basis to convert into support. Currently middle band is being test and if seen target is now425 and a retest of the high. We will go higher but from the high retest I am expecting another pull back for a wave 2.  No triangle here, expecting higher prices.

 

So far so good on the reversal discussed two weeks ago.  Currently expecting middle bands to confirm the next rally across the board. USD should continue to devalue and expecting Cryptos to continue to be bullish. All retracements are a buying opportunities. More volatility to come. 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.

06th Jun 2021

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