Hi guys, welcome to this fresh LTC analysis! As we're still trading in the range I indicated some days ago, I do not have to say a lot more. However, some interesting stuff is developing that I want to point out to you guys. Please leave a like if you want more of these analyses:).
So as we can see, since the last big dump I indicated in my previous analysis (shown here with a green circle), we have not dropped to the bottom of the trading channel again. This is why I believed bulls have taken over in the short term and I still believe this. However, the short term resistance in the 80-85$ zone seems a tough cookie to crack (strong, instant rejection at $84, orange circles), indicating heavy selling pressure. After the $84 test it kinda dumped a bit, but those dumps were countered with some nice buy orders filling in, creating strong, wicked bullish candles. Subsequently, the RSI is still rising. Nice! So were are we actually waiting for?
The old man and king, Bitcoin. Now that Bitcoin is testing the 5300-5400 zone, the whole market is waiting for direction. If LTC wants to break the $85 resistance, it needs a strong bullish move from Bitcoin to back it up. I expect this to happen rather sooner than later. However, if Bitcoin wants to take a breather to $5000, expect LTC to trade in the bottom of the current trading channel again. $77 will be an excellent buy opportunity, IF we reach that level again!
Chickun is waiting for Bitcoin to flap its wings!
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Testing the 75-77 support again! Lets see how this holds up.
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Strong rejection in the support zone, again. Took an extra long position. Target is the short term resistance @ 85 zone, will close immediately when it reaches the target.
BTC did not dump, so I've got confidence that LTC will reach the current trading channel again in some time on the short term. Will do a fresh analysis again in a few days. Happy easter!