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

This is a weekly post covering Cryptocurrencies, specifically  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 — Not much has changed from last week, we are still printing a flag and a rally expected into 43500  – if we convert then expected higher highs. We can see a deep retrace from that area directly into the lower bollie as support. Middle band should convert into support to confirm the next rally.

 

ETHUSD –   ETH look for 3250 to convert to confirm the uptrend. If it does not convert we can see follow through lower to 2300. Decision getting made  in the next rally.

 

LTCUSD – Lower band  is critical support. Lean is long and expecting a turn and higher prices. Watch 123 and a conversion this week and higher highs. If not we can still see the support trend line.

 

Cryptos need a rally to test a resistance level to confirm the next legg higher. These confirmation levels are critically important from a pattern point of view. Break up and convert those numbers and we have the next major rally.  Volatility will remain high this week so mind your size.  Trade Smart and Trade Safe.

Written by:

Stan Nabozny

Stan is a 20 year retail trading veteran, CTA (Commodity Trading Advisor) 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 May 2022

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