jacobcanfield

Can Litecoin Break Through This Key Resistance Level?

BINANCE:LTCBTC   Litecoin / Bitcoin
Litecoin has been dominating the market lately and leading the altcoins to higher highs.

However, we are now at a very important resistance for Litecoin.

It is going to take a lot more volume to break the previous support level that has now flipped as resistance.

We are in a massive rising wedge with declining volume and bearish momentum is starting to take over.

The only thing I can see that keeps Litecoin propped up here and breaking through the resistance is that short interest is at all time highs on Bitfinex and much higher than long interest right now, which means we could get a short squeeze that takes us for further upside momentum.



One big volume push could create a cascade of short liquidations to push us to higher highs.

Either way, I would encourage you to raise stop losses and/or hedge your profits if you are still in on this trade because if it turns down, it'll probably be fast and vicious.

If we do break down from this wedge , I'll be looking at a potential re-entry around the 70.6% fib retracement level for a strong S/R flip.

Happy trading!
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Nice! This is what im currently seeing
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Im afraid LC will retest it May2018 high.
The rest of Alt will probably retest OCT2018 high
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The breakthrough would be more probable if LTC retraces first, bulls take a deep breath and run through the resistance on a second trial...
+1 Reply
@mlok, Yeah, agreed. The short interest is incredibly high though. One big volume push would send a cascade of liquidations in my opinion.
+1 Reply
mlok jacobcanfield
@jacobcanfield, true, BUT if this resistance is as solid and important as Bitcoin's 6K and Litecoin leads the rally and breaks through, could Bitcoin follow?
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@mlok, Difference between LTC and BTC is that the margin interest is dead on BTC, where as it's at all time highs on Litecoin. Very different market dynamics considering that fact.
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mlok jacobcanfield
@jacobcanfield, I was trying to ask if you would short BTC if we attack 6K. Alright, you are trying to say that market makers always win, right?
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mlok jacobcanfield
@jacobcanfield, just found a similarity to April 2017 bullrun, the weekly 21 and 50 EMA cross, is that relevant in your oppinion? Thanks
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