Welcome fellow Tradingviewers,
In this analyses we are going to show you our view on the current market situation for Litecoin. We were going to share a full video on the yearly analyses with you guys but our Mic. Broke down. we will try to educate you guys using a video as soon as we replaced our mic.
This analyses is going to be the first in a series of 7 where we try to give you an idea of what it is like to try and analyse a cryptocurrency for 12 months.
This analyses is based on the impressions we get from the chart and the cryptocurrency market in general.
For this analyses we will be using the 12M, 6M, 3M, 1M and 1W charts.
Every month for the next 12 months we will release our monthly market breakdown.
If you want to receive daily and weekly technical analyses you might want to check our website.
We will be analysing LTC using a top-down strategy, including candlestick patterns, indicators and price patterns.
Yearly:
We are still inside the first huge Litecoin Yearly candle located in 2017, we did not close the year as a Bullish engulfing (as Ethereum did) but we did close the yearly candle on higher volume and a green candle, indicating upside momentum.
6 - Month:
The Six month graph is one of the most promising for Litecoin. In this graph we can clearly see the closure of one of the biggest bullish engulfing 6M candles till now.
The previous candle was a indecisive doji candle and this gets engulfed by our last candle closure on higher volume, indicating strong confidence from the bulls side.
3 - Month:
The 3 month candle is showing about the same bullish picture for LTC, we closed as a huge bullish engulfing almost closing above the important $150 dollar resistance.
Monthly:
- The monthly starts giving us a better picture of the medium to long term trend.
- We closed the monthly candle above the important $120 resistance. (One of the most important looking at the monthly graph)
- We are above the 50 MA monthly indicating confidence in the markets.
- The MACD has just crossed bullish indicating upside momentum.
Weekly:
- We closed as a bullish engulfing candle indicating more upside momentum.
- We closed above the important $150 double bottom Neckline and retested it. (at$140)
- We are well above all Moving averages.
- The MACD is in bullish territory.
In summary:
Litecoin seems to be broken out of a double bottom pattern with the neckline located at $140. These patterns generate price targets and if we measure the distance from the bottom of the double bottom to the upside, then our price target would be in the $275 range. Our first real target is $220 and then go for our double bottom target of around $250 to $275 based on the 0.618 fib. which can be found in the chart.
The coming year will be good for Litecoin, Bullruns can be crazy times where people are starting to feel all kinds of different emotions.
try to keep your emotions under control and let the chart be your guidance. Only trade what you see and don't forget to take your profits!
This analyses is only intended to share my idea, to educate and entertain you guys.
This should not be considered as financial advice.
I hope you guys enjoyed this analyses, if you did don't forget to leave a Like!
If you want to share your thoughts, please do so in the comments below!
Kind Regards,
Frank | Forallcrypto
In this analyses we are going to show you our view on the current market situation for Litecoin. We were going to share a full video on the yearly analyses with you guys but our Mic. Broke down. we will try to educate you guys using a video as soon as we replaced our mic.
This analyses is going to be the first in a series of 7 where we try to give you an idea of what it is like to try and analyse a cryptocurrency for 12 months.
This analyses is based on the impressions we get from the chart and the cryptocurrency market in general.
For this analyses we will be using the 12M, 6M, 3M, 1M and 1W charts.
Every month for the next 12 months we will release our monthly market breakdown.
If you want to receive daily and weekly technical analyses you might want to check our website.
We will be analysing LTC using a top-down strategy, including candlestick patterns, indicators and price patterns.
Yearly:
We are still inside the first huge Litecoin Yearly candle located in 2017, we did not close the year as a Bullish engulfing (as Ethereum did) but we did close the yearly candle on higher volume and a green candle, indicating upside momentum.
6 - Month:
The Six month graph is one of the most promising for Litecoin. In this graph we can clearly see the closure of one of the biggest bullish engulfing 6M candles till now.
The previous candle was a indecisive doji candle and this gets engulfed by our last candle closure on higher volume, indicating strong confidence from the bulls side.
3 - Month:
The 3 month candle is showing about the same bullish picture for LTC, we closed as a huge bullish engulfing almost closing above the important $150 dollar resistance.
Monthly:
- The monthly starts giving us a better picture of the medium to long term trend.
- We closed the monthly candle above the important $120 resistance. (One of the most important looking at the monthly graph)
- We are above the 50 MA monthly indicating confidence in the markets.
- The MACD has just crossed bullish indicating upside momentum.
Weekly:
- We closed as a bullish engulfing candle indicating more upside momentum.
- We closed above the important $150 double bottom Neckline and retested it. (at$140)
- We are well above all Moving averages.
- The MACD is in bullish territory.
In summary:
Litecoin seems to be broken out of a double bottom pattern with the neckline located at $140. These patterns generate price targets and if we measure the distance from the bottom of the double bottom to the upside, then our price target would be in the $275 range. Our first real target is $220 and then go for our double bottom target of around $250 to $275 based on the 0.618 fib. which can be found in the chart.
The coming year will be good for Litecoin, Bullruns can be crazy times where people are starting to feel all kinds of different emotions.
try to keep your emotions under control and let the chart be your guidance. Only trade what you see and don't forget to take your profits!
This analyses is only intended to share my idea, to educate and entertain you guys.
This should not be considered as financial advice.
I hope you guys enjoyed this analyses, if you did don't forget to leave a Like!
If you want to share your thoughts, please do so in the comments below!
Kind Regards,
Frank | Forallcrypto