botje11

Litecoin, pushing against resistence

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
Looks like Litecoin has difficulties now to break resistance. Even after today's pump of Bitcoin , it hardly moved up while others alts did. Also volume is dropping with LTC. See chances increase for a bigger correction now. If that green support breaks of that bull flag , we might see a bigger correction happen. If it breaks the 60/61 with good volume , we could see a big move happen to the upside. For now, objectively, correction has bigger chance. So that support around 58, is maybe the level to watch now, since it might be the turning point short term. That channel on the left is probably also a good guideline on the low time frame.



Previous analysis:

Comment: Bitcoin has been moving quite stable past days, maybe that is the reason why LTC did not drop. It dropped some, but less than i expected after that first wave down. So now it looks like it doesn't want to drop maybe. That curved blue line (with some margin) is a level to watch now.

Comment: LTC broke that curved line, just like Bitcoin did and ETH. I mentioned in my BTC analysis, that it seemed like some big buy orders in the book were simply pushing the price up but volume was very low. Few hours later everything dropped and LTC also dropped to the next level. At this point, LTC is also at an important support, which looks like the neckline of an H&S. So we have BTC, ETH and LTC at important support levels. So most likely to see a good drop if they break coming hours. So far, all still holding

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This has been the exact same look since the last 3 small upswing check out my take. I think we will correct eventually , but not yet.
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@lvg3g, Yes, it really looks like a wedge, but be careful with ignoring the wicks. I think a correction is also most likely, however, it touched the 59ish twice and making higher lows as well. So it could also become a ascending triangle, if it doesn't want to drop.
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great analysis
+1 Reply
botje11 FrankFerriss
@FrankFerriss, Thank you :)
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