Good Morning, Traders!
LTC/USD is in a very good position on the 4hr chart. The first thing I noticed was that price was traveling along 2 trend lines that have been accurate since mid-February and is now approaching a safe zone to buy. This zone has support in the 61.8% fib retracement level, the support level of 191.86 and arguably the psychological support level at $200.
The RSI indicator shows that LTC/USD is being heavily oversold. This supports the claim that the price is currently in buy/entry zone without much worry that the price will continue to be oversold at higher rates considering the support that is present as well.
As the price escapes from this channel once again, there is a very strong resistance level at the price of $213 which I believe could be the cause of a reversal of momentum. Along with this level, are the leading span A and B of the Ichimoku cloud that will also act as resistance.
Important Resistance Levels: $220.59, 213.80
Important Support Levels: $191.87
DISCLAIMER
WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.
CONFLICTS OF INTEREST
GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
Written by:
Arham Bheda
Senior Research Analyst
LTC/USD is in a very good position on the 4hr chart. The first thing I noticed was that price was traveling along 2 trend lines that have been accurate since mid-February and is now approaching a safe zone to buy. This zone has support in the 61.8% fib retracement level, the support level of 191.86 and arguably the psychological support level at $200.
The RSI indicator shows that LTC/USD is being heavily oversold. This supports the claim that the price is currently in buy/entry zone without much worry that the price will continue to be oversold at higher rates considering the support that is present as well.
As the price escapes from this channel once again, there is a very strong resistance level at the price of $213 which I believe could be the cause of a reversal of momentum. Along with this level, are the leading span A and B of the Ichimoku cloud that will also act as resistance.
Important Resistance Levels: $220.59, 213.80
Important Support Levels: $191.87
DISCLAIMER
WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.
CONFLICTS OF INTEREST
GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
Written by:
Arham Bheda
Senior Research Analyst