Alright everyone lets dive in and take a look at whats happening with
LTCUSD
today!
Well....to be honest its actually not that much happening lol
Litecoin does seem to have worked itself into bull flag, but seems to have slipped below a relatively strong inside channel
formed long before all the LCC fork craziness sent litecoin's price every which way for a bit there.
All the same there are some things to keep an eye on as the next few days unfold:
Based on what we can see here I believe if we close below that inside channel the consolidation will likely continue between $212 and $205 until midday
or later tomorrow at which point we may test re-entry of the inside channel.
If
LTCUSD
does manage to break below $205 we could see things dip to around $197 but it will face strong support
there from the cycle low and 192 EMA at which point we will likely have a stronger breakout towards the inside channel after a noticeably longer consolidation.
Realistically I don't think we'll see too much exciting from litecoin for a day or more, but once we're back inside that channel a number to watch for breakout
will likely be the $232-$235 range as it attempts to exit the ATH overhead resistance.
*** Note that the MACD RSI crossover strategy I've written has the RSI hidden, and that the earning results are irrelevant as it used for cleaning up major trends NOT buys and sells.
*** The dual Stochastic/Stochastic RSI source code can be found on my page if you're in need of a simple space saving indicator!
This analysis is meant for purely educational purposes, and whether you choose to trade on it or not is entirely on you!
Remember, TA is neither investment advice nor a guaranteed science, but rather an informed attempt at predicting future movement based on historical AND emerging patterns!
Good luck and happy trading fellow cryptoheads!
Austin Doyle
CTO
Crypto Playhouse
LTCUSD
today! Well....to be honest its actually not that much happening lol
Litecoin does seem to have worked itself into bull flag, but seems to have slipped below a relatively strong inside channel
formed long before all the LCC fork craziness sent litecoin's price every which way for a bit there.
All the same there are some things to keep an eye on as the next few days unfold:
- We seem to currently be testing a minor support around $205
- MACD is still bearish and looks to be heading for a crossover lower than the prior low
- STOCH & STOCH RSI have both crossed but have done so in a weak manner at best
- STOCH & STOCH RSI are both below 20 and likely to bounce off that level prior to any significant movement
- We've dropped below the 42 EMA (blue)
- But we're still above the 192 EMA (red)
- The 192 EMA is lining up almost perfectly with the cycle low support from back in november, indicating very strong support.
Based on what we can see here I believe if we close below that inside channel the consolidation will likely continue between $212 and $205 until midday
or later tomorrow at which point we may test re-entry of the inside channel.
If
LTCUSD
does manage to break below $205 we could see things dip to around $197 but it will face strong support there from the cycle low and 192 EMA at which point we will likely have a stronger breakout towards the inside channel after a noticeably longer consolidation.
Realistically I don't think we'll see too much exciting from litecoin for a day or more, but once we're back inside that channel a number to watch for breakout
will likely be the $232-$235 range as it attempts to exit the ATH overhead resistance.
*** Note that the MACD RSI crossover strategy I've written has the RSI hidden, and that the earning results are irrelevant as it used for cleaning up major trends NOT buys and sells.
*** The dual Stochastic/Stochastic RSI source code can be found on my page if you're in need of a simple space saving indicator!
This analysis is meant for purely educational purposes, and whether you choose to trade on it or not is entirely on you!
Remember, TA is neither investment advice nor a guaranteed science, but rather an informed attempt at predicting future movement based on historical AND emerging patterns!
Good luck and happy trading fellow cryptoheads!
Austin Doyle
CTO
Crypto Playhouse