Crypto-Currencies: Bitcoin, Litecoin and Ethereum for May 14th

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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 — The low is now broken as expected and price still needs to go lower.  Look for an RSI of 30-40. Cryptos are buy-able and almost at a long setup.

 

ETHUSD –   New swing low and not yet at target of 1720,  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. This should be seen on the next rally after the retest is done, not yet fully 3 down.

Start accumulating Cryptos on buy-able pullbacks, no setup yet but we are getting very close.  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.

14th May 2023

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