The 10-day chart above is reminiscent Bitcoin trying to hold the 6k back in 2018 until its inevitable plummet.
Since December 2017 Litecoin has been making lower highs on the above chart. It needs to smash through $75 and stay there for the 10-day chart to show a trend change. $75 is the key number right now to watch.
With Lower highs, the trend is down and showing no signs of reversal. Price action is currently supported on a trend line going back to April 2017. A failure of this trend line would be $43 by September 27th when a new 10-day candle is printed. The next support is around $10 by mid-November.
Why $10? It is the same trend line that stopped the fall back in March during the price collapse.
Good luck!
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Litecoin begins to print a new 10-day candle on / above the 50-week moving average (blue line). A close here at current price action ($58) by November 6th - that would be excellent news for the bulls.
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Price action trying to break market structure (downtrend) and replace with uptrend - must wait for higher low before this idea can be made void.
Trade closed manually
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Fantastic - the cycle of lower lows on the 10-day chart is no longer a concern.
I love the fact that you are neutral and realistic and have an open mind with regards to Analysis. It's insanity everywhere else with the chants of bull run. :D
without_worries
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@vishweshwaran26, Thank you - I really appreciate your comment. My mentor was 95% all about control your emotions, 5% trading the probabilities.
LitecoinGuy
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"Why $10? It is the same trend line that stopped the fall back in March during the price collapse. " you lost me there
without_worries
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@sun21140, Price collapsed in March from $81 to $25. $25 was also previous resistance now acting as support. That same support could be tested again if price action closes below $43 by September 27th. $32 should also offer support.
This idea is only a warning a 'what if' should price action be below this level by this date. It might never happen. Whatever is possible verses what is probable.