Hello traders,
Litecoin has seen a phenomenal rally of more than 300% since the start of the year. This whole uptrend the price has respected the 21 day EMA as support, as well as resistance. With litecoin now trading under this ema, I expect the price to find resistance at it.
This ema resistance level will most likely push litecoin down to its support at around 63 USD. In the case of this level breaking there's a diagonal support catching up too, making litecoin look strong at those levels.
there's of course also the possibility that litecoin breaks the 21 day ema and rises higher. If this happens I expect the price to find resistance around the 80 dollar level (which is a bit messy so 79 - 82) and after that around the 93 dollar level.
I wish you all a nice day
PGrijpink
Litecoin has seen a phenomenal rally of more than 300% since the start of the year. This whole uptrend the price has respected the 21 day EMA as support, as well as resistance. With litecoin now trading under this ema, I expect the price to find resistance at it.
This ema resistance level will most likely push litecoin down to its support at around 63 USD. In the case of this level breaking there's a diagonal support catching up too, making litecoin look strong at those levels.
there's of course also the possibility that litecoin breaks the 21 day ema and rises higher. If this happens I expect the price to find resistance around the 80 dollar level (which is a bit messy so 79 - 82) and after that around the 93 dollar level.
I wish you all a nice day
PGrijpink
Comment:
Trade played out very well, resistance now flipped to support. Let's see if it holds ; )
PGrijpink
PGrijpink
Price broke the 21 day EMA and as expected rose to 81,50. Now the price is retesting the 21 day EMA.
In case of a break lower, same targets are in place.
In case of a continued rally we can expect to see resistance once more at the 80 dollar level with ultimately a break to the 93 dollar level.
PGrijpink