Crypto-Currencies: Bitcoin, Litecoin and Ethereum for May 7th

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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 — Pullback making progress and still needs to go lower. Consolidation so far and CPI this week may help move the tape. Look for an RSI of 30-40. Cryptos are buy-able and recommendation is to accumulate on long setups.

 

ETHUSD –   Nice progress on the pullback so far,  no setup yet, needs a wave C lower into 3rd SD band. RSI of 30-40 are good areas to consider.

 

LTCUSD –  Look for a conversion of the high to confirm the turn is in. As the market leaders go higher LTC will follow.

 

Start accumulating Cryptos on buy-able pullbacks, no setup yet as the past few weeks have been a consolidation.  Looking for a long setup when we see a wave C lower and an RSI in the 30-40 range. 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.

07th May 2023

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