TomProTrader

LTC/USD - Buy Opportunity

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
What's up traders, I hope you're all having a good trading week.

Let's analyze LTC/USD on the 1D chart.

When looking at the 1 Day chart, price is clearly trading under a side-wards resistance line, since breaking down on the 6th of May back into structure. Price will now likely continue the down move into the horizontal support zone at 110.80, and this is evident from price action showing a mini flag pattern since 15th May implying a measure move target to the horizontal support zone .

Litecoin is also trading under major moving average resistance, being below the 20 and 200 moving averages, and is about to break the 50.

Litecoin has a probability to go to the upside, however I believe price is going lower first before any bullish activity. Not just because of price action breaking the moving averages, but also the side-wards resistance which is long term, and won't be so easy to budge.

I will update this analysis when I receive above 40 likes.
Comment: Litecoin is trading perfectly under the moving averages that were previously supporting it.

With this is mind, we are in a perfect playing position with our previous prediction.

It is clear we are going down into the predicted low at the horizontal support zone at 111.80 before a possibility of a buy in the near future.

I am glad to once again be your one stop shop for your Cryptocurrency analysis!

Follow me, and always trade on the right side on Cryptocurrency.

Comment: Rollover of price to our downside target 111.20 is going perfectly so far. Looks like we will hit the target over the next few days and then we can reassess the situation for a buy opportunity on the bounce at target.

Well done to anyone following my analysis and trading is the right direction with me. :-)

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