Litecoin LTCUSD to test $45 support - Should bounce here
As I stated in my last post, I may have jumped the gun a bit on my Litecoin purchase. I knew this. But because I am a swing trader, I did not want to miss out on opportunity at that $50 level which provided fairly strong support. The next support level I see is even bigger. Why? 3 reasons:
1) I have redrawn my Fib retracement from the lows on 3-30 to the high on 07-05. This now provides .236 retracement support at approx. $45.
2) The low of our 07-04 candle sits at around $45
3) The middle Bollinger Band and 20 MA should intersect the first two supports at this level.
If you have not already picked up some Litecoin, I would advise doing so at $45. You could always DCA down from there, should we go lower. I happen to believe we'll bounce at $45.
Happy trading friends.
1) I have redrawn my Fib retracement from the lows on 3-30 to the high on 07-05. This now provides .236 retracement support at approx. $45.
2) The low of our 07-04 candle sits at around $45
3) The middle Bollinger Band and 20 MA should intersect the first two supports at this level.
If you have not already picked up some Litecoin, I would advise doing so at $45. You could always DCA down from there, should we go lower. I happen to believe we'll bounce at $45.
Happy trading friends.
Stewdamus Trades -
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Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
Never miss a prophecy. Sign up for my free newsletter at:
stewdam.us