Ahoy traders!
The unleashed Double Bottom Pattern reached the first resistance level at $92 and returned back to the break out level.
The question for now is that will it hold the break out level or break below of it?
The price is staying above of EMA26 level and is at the neckline of the double bottom pattern at $86 level which could potentially turn in to support level if it holds. EMA26 has worked as the support in the past and it's critical to hold above of it to continue moving further upwards.
When EMA26 is combined with the potential support level at $86 level it offers a potential reversal location.
If it doesn't hold The Neckline level and EMA26 then the second attractive zone is at $82.3 level near to EMA12.
Conclusion
Litecoin is showing strength on the larger scale so it should be expected to hold support levels more better and break resistance levels easier. This market tends to follow Bitcoin so it's also important to keep in eye of it as well. It can be a good idea to open a small position at this level and add more once it starts showing clearer signals.
I'm expecting it to test this area multiple times on lower timeframes before establishing a rock solid support. Longer it stays at this area the more likely it's trying to push higher.
Lastly the daily candlestick needs to close above of the resistance level of $89 to remain bullish.
Please, if any question comes to your mind don’t hesitate to ask! I try my best to respond ASAP!
If you need help with trading, finding information or courses let me know and I’d be more than happy to help you! Feel free to DM me in here or in my Twitter!
Things to Remember:
DISCLAIMER:
Please be aware this is not financial advice. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing in anything.
Yarr
The unleashed Double Bottom Pattern reached the first resistance level at $92 and returned back to the break out level.
The question for now is that will it hold the break out level or break below of it?
The price is staying above of EMA26 level and is at the neckline of the double bottom pattern at $86 level which could potentially turn in to support level if it holds. EMA26 has worked as the support in the past and it's critical to hold above of it to continue moving further upwards.
When EMA26 is combined with the potential support level at $86 level it offers a potential reversal location.
If it doesn't hold The Neckline level and EMA26 then the second attractive zone is at $82.3 level near to EMA12.
Conclusion
Litecoin is showing strength on the larger scale so it should be expected to hold support levels more better and break resistance levels easier. This market tends to follow Bitcoin so it's also important to keep in eye of it as well. It can be a good idea to open a small position at this level and add more once it starts showing clearer signals.
I'm expecting it to test this area multiple times on lower timeframes before establishing a rock solid support. Longer it stays at this area the more likely it's trying to push higher.
Lastly the daily candlestick needs to close above of the resistance level of $89 to remain bullish.
Please, if any question comes to your mind don’t hesitate to ask! I try my best to respond ASAP!
If you need help with trading, finding information or courses let me know and I’d be more than happy to help you! Feel free to DM me in here or in my Twitter!
Things to Remember:
- Stop-loss orders are strongly recommended.
- Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back.
- Do your homework before investing.
DISCLAIMER:
Please be aware this is not financial advice. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing in anything.
Yarr
