Wow LTC! After hitting its All Time High of approximately 50 USD on 19 June 2017, the LTC/USD pair corrected to the 32-33 USD range. Once the Crypto market returned to bullish, LTC responded in force. As I type this the pair has skyrocketed to its major trend resistance level (orange line) of approximately 53 USD.
The consensus within the Crypto community is that LTC has a bright future, so let's look at some upcoming buy opportunities.
Fibonacci Retracement Generally, bull trends will retrace to the 0.5 to 0.618 Fib area after a big surge. The last LTC/USD surge retraced well into this area on 26-27 June 2017, moving from its All Time High of approximately 50 USD to a correction level at approximately 32-33 USD. Drawing a Fib retracement (pink box) on our most recent surge, we can look at the next 0.5 to 0.618 Fib area as a good area to buy.
Support = Resistance Level This pair seems to be forming a support=resistance level at approximately 41.565 USD (red line).
When To Buy Combining our support=resistance level with the 0.5 to 0.618 Fib retracement area, I think a good "Buy Zone" (blue box) would be from approximately 41 to 45 USD. Look for bullish price action when the trend hits this zone for a buy opportunity, and play the long game. LTC will be a major player in the years to come.
Thanks for your interest, and trade with care!
Comments
Nicholas104
⋅
looks like it is playing out here !! awsome mapping of the fib
@virtualcopyright, Yes, it has to. Look at all the other coins that have had major surges. DON'T BUY NOW! Wait for a correction, and have faith/confidence in the blockchain technology you are investing in. :)