Guys, just a quick update on one of my favourite coins and that is exactly LTC! It has been in a consolidation phase while our other hold coins such as XRP and NEO boomed. So what is going on ?
LTC has been consistently knocked off its throne by the downtrend line, which has acted as a very crucial resistance since 360$. Never the less, we have seen signs of hope since the later stages of march (a month which saw LTC take a whooping from the shorters) as we found support on the trendline rising from 54$.
Will this trend line being used as support be enough to drive price past the 230$ mark which we saw huge dumping take place ?
The answer is probably no. Why? Because this trend line has been used as support once, whereas the blue trend line where i believe the real support 'may' lie has been used as support previously from as low as the 10$ mark and this line has been used as support at least a dozen times before.
Also, do you notice the larger wedge ? Traditionally before a break out we would expect one more down turn. This down turn will lead us to around the 90 price point. Here we also meet the beautiful support zone i was talking about just above.
We may see some struggle at around the 120$ price point as previously that was used as support. Moreover, to end, MacD and RSI both showing negative signs. This can be seen where the blue line on RSI was used as resistance on multiple occasions previously. Thus, i have left room for a small rise to 146$. Macd is also suggesting the same thing, and i see that red line being used as resistance.
Thank you, follow us on telegram down below & also don't forget to keep supporting by following our other social media - instagram and tradingview mainly.
Good luck.
LTC has been consistently knocked off its throne by the downtrend line, which has acted as a very crucial resistance since 360$. Never the less, we have seen signs of hope since the later stages of march (a month which saw LTC take a whooping from the shorters) as we found support on the trendline rising from 54$.
Will this trend line being used as support be enough to drive price past the 230$ mark which we saw huge dumping take place ?
The answer is probably no. Why? Because this trend line has been used as support once, whereas the blue trend line where i believe the real support 'may' lie has been used as support previously from as low as the 10$ mark and this line has been used as support at least a dozen times before.
Also, do you notice the larger wedge ? Traditionally before a break out we would expect one more down turn. This down turn will lead us to around the 90 price point. Here we also meet the beautiful support zone i was talking about just above.
We may see some struggle at around the 120$ price point as previously that was used as support. Moreover, to end, MacD and RSI both showing negative signs. This can be seen where the blue line on RSI was used as resistance on multiple occasions previously. Thus, i have left room for a small rise to 146$. Macd is also suggesting the same thing, and i see that red line being used as resistance.
Thank you, follow us on telegram down below & also don't forget to keep supporting by following our other social media - instagram and tradingview mainly.
Good luck.