Not financial advice. Do your own research. The ideas shared here are the personal opinions of the BitDoctor team. Trade at your risk.
Litecoin is not like the other cryptos out there. It has not had the massive drop like all the other cryptos have. It was also one of the most bullish out there. So, if we're close to starting the bull market, did you miss the bus? Doubtful. There's a great chance to get a great entry. Let me explain!
1. Look at the 200EMA and 200SMA on the daily. They do outline some great support levels to watch. Currently at $58.50 and $47, respectively.
2. Our ABC correction that Im' propsing should take us to about $60. I expect there to be a huge bounce there. Why? It's right at the 200EMA on the daily.
3. Right now we are governed by the 55EMA on the daily. Currently at $69. We've bounced there at least twice in the last 36 hours. If we open and close a daily candle below $69, it's a clear indication that we are going to go lower, but how low? Let me explain that.
We have two obvious support levels as I've outlined but from a Fibonacci standpoint, the support levels I see are $59 and $49. Worst case scenario $34 but honestly if we get to $34 then chances are something bigger is happening to the market or Bitfinex decided to close its doors and the whole crypto atmosphere is collapsing.
There's confluence at $60 and also at $49. As days move on and we trade above the 200SMA, naturally that moving average will rise up to create more confluence around $49 which is a 100% measured move from the length of the proposed A.
This is an extremely bullish potential for LTC. So if we're bullish, where do we go? First off we need to see where our dominant pivot is. A 100% measured move is at $49.66 but more importantly, the 61.8 retracement of the entire impulse from Dec 16 through Apr 3 sits right at $51.90. The 65% (to create a golden zone) is at $49.50. Coincidence? I think not.
We don't know how long this will take. Honestly, this may take weeks to play out. I don't consider LTC a buy right now as I think it might find a bounce but get a rejection at about $75. We are going to be governed by the 21EMA on the daily right now which is sitting right at $76.37 therefore I suggest abandoning LTC until we get closer to $50.
Depending on how low we go and how long it takes to get there, I'll update with my thoughts on where we're going next... which honestly, could be much much higher than where we were rejected at $100 earlier this month.
Trade safely friends!
<3 -CE-
Litecoin is not like the other cryptos out there. It has not had the massive drop like all the other cryptos have. It was also one of the most bullish out there. So, if we're close to starting the bull market, did you miss the bus? Doubtful. There's a great chance to get a great entry. Let me explain!
1. Look at the 200EMA and 200SMA on the daily. They do outline some great support levels to watch. Currently at $58.50 and $47, respectively.
2. Our ABC correction that Im' propsing should take us to about $60. I expect there to be a huge bounce there. Why? It's right at the 200EMA on the daily.
3. Right now we are governed by the 55EMA on the daily. Currently at $69. We've bounced there at least twice in the last 36 hours. If we open and close a daily candle below $69, it's a clear indication that we are going to go lower, but how low? Let me explain that.
We have two obvious support levels as I've outlined but from a Fibonacci standpoint, the support levels I see are $59 and $49. Worst case scenario $34 but honestly if we get to $34 then chances are something bigger is happening to the market or Bitfinex decided to close its doors and the whole crypto atmosphere is collapsing.
There's confluence at $60 and also at $49. As days move on and we trade above the 200SMA, naturally that moving average will rise up to create more confluence around $49 which is a 100% measured move from the length of the proposed A.
This is an extremely bullish potential for LTC. So if we're bullish, where do we go? First off we need to see where our dominant pivot is. A 100% measured move is at $49.66 but more importantly, the 61.8 retracement of the entire impulse from Dec 16 through Apr 3 sits right at $51.90. The 65% (to create a golden zone) is at $49.50. Coincidence? I think not.
We don't know how long this will take. Honestly, this may take weeks to play out. I don't consider LTC a buy right now as I think it might find a bounce but get a rejection at about $75. We are going to be governed by the 21EMA on the daily right now which is sitting right at $76.37 therefore I suggest abandoning LTC until we get closer to $50.
Depending on how low we go and how long it takes to get there, I'll update with my thoughts on where we're going next... which honestly, could be much much higher than where we were rejected at $100 earlier this month.
Trade safely friends!
<3 -CE-