Symbol: LTCUSD
Sector: Cryptocurrency
Let's talk bitcoins little brother, litecoin.
Overall looking out I want us to focus on the major parallel channel range that is moving upward at somewhat of a 45 degree angle. That is our main range we are focused on playing currently.
You see our current Resistance (top black dashed line) is holding strong somewhat similar to bitcoins downward Resistance at the 10k level.
That pressure could force us to revisit the mid $20s - $30s range for a very nice second chance at a very sweet deal per coin.
We seem to be forming a compression point under current Resistance and the top of horizontal support based off the level of the first major rally. (Circled in red)
This is where we find the breakout setup to squeeze us into this tight range of prices.
It "could" take up to 6 months to reach the channel support unless if we sold off hard here.
Look at the major parallel channel support (green 45 degree line)
We want to see that Resistance slap price down to bounce off of that support to rebound off of it and send it flying through the top black dashed line for a major breakout.
I know this might sound crazy but based off of the Fibonacci extension from last major bull run could signal for a price in the high 7k range at the end of 2023.
Fibonacci to me I dont take serious, I sort of just use it on the side to see how much time it would take to reach the top of the major channel with key Fibonacci levels. (It's for fun! 😁)
Time after time after every major bear cycle for bitcoin has only led to bigger and better prices. I think that the total cap will exceed what it did last cycle which means higher prices for coins like litecoin.
I wouldn't look to be too aggressive here, I'd sit on order book around last low for potential double bottom off of the channels current support. If that channel can hold we will likely see this play out.
*Litecoin already has captured the name of many investors. It is a household name. That popularity benefits the community very much and will help it grow even easier the next cycle.
Sector: Cryptocurrency
Let's talk bitcoins little brother, litecoin.
Overall looking out I want us to focus on the major parallel channel range that is moving upward at somewhat of a 45 degree angle. That is our main range we are focused on playing currently.
You see our current Resistance (top black dashed line) is holding strong somewhat similar to bitcoins downward Resistance at the 10k level.
That pressure could force us to revisit the mid $20s - $30s range for a very nice second chance at a very sweet deal per coin.
We seem to be forming a compression point under current Resistance and the top of horizontal support based off the level of the first major rally. (Circled in red)
This is where we find the breakout setup to squeeze us into this tight range of prices.
It "could" take up to 6 months to reach the channel support unless if we sold off hard here.
Look at the major parallel channel support (green 45 degree line)
We want to see that Resistance slap price down to bounce off of that support to rebound off of it and send it flying through the top black dashed line for a major breakout.
I know this might sound crazy but based off of the Fibonacci extension from last major bull run could signal for a price in the high 7k range at the end of 2023.
Fibonacci to me I dont take serious, I sort of just use it on the side to see how much time it would take to reach the top of the major channel with key Fibonacci levels. (It's for fun! 😁)
Time after time after every major bear cycle for bitcoin has only led to bigger and better prices. I think that the total cap will exceed what it did last cycle which means higher prices for coins like litecoin.
I wouldn't look to be too aggressive here, I'd sit on order book around last low for potential double bottom off of the channels current support. If that channel can hold we will likely see this play out.
*Litecoin already has captured the name of many investors. It is a household name. That popularity benefits the community very much and will help it grow even easier the next cycle.