Crypto-Currencies: Bitcoin, Litecoin and Ethereum for May 22nd

Crypto-Currencies, Front Page / By

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 — BTC rally should top out around 34000 then see a retest of the low before reversing.  Cryptos in general are going to follow this pattern as the consolidation before breaking up.

 

ETHUSD –   ETH  rally should continue to 2400 and the broken support trend line before retesting the low. This is a larger three down which is a retracement pattern. Higher highs will come once this completes.

 

LTCUSD – LTC  rally is expected into the broken support trend line then it should retest the low before advancing. Watch ETH for clues as it should lead the way higher. LTC will follow.

 

Cryptos forming a consolidation pattern and may still see lower lows to complete the pattern. Levels provided as to the resistance areas and if seen look for a setup long lower.  The USD has turned and these pair may get bullish after a retest.  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.

22nd May 2022

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