Crypto-Currencies: Bitcoin, Litecoin and Ethereum for August 1st

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 — So far so good on the rally. The middle band may be retested but likely we are in the next impulse on Cryptos.  USD has fallen and more is expected, watch for BTC support at 34347 and higher.  USD continuing to drop will continue to push Cryptos higher.

 

ETHUSD – More upside is expected and watch for a retest of middle band this week. Next target sho0rt term is 2975.

 

LTCUSD – Looking good here with middle band as support. LTC is lagging a bit here, looking for more upside into $200 with middle band as support for now.

 

Nice break higher on Cryptos influenced by the USD. Middle band is your marker for support at this point and we will see a retest this week and higher highs as I expect the USD to continue to be bearish. USD should continue to devalue and I am expecting Cryptos to continue to be bullish. 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.

01st Aug 2021

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