Just like Bitcoin and Ethereum as well as the other top crypts by market cap, Litecoin looks like its found its potential bottom along the 2018 high level placed at $218
There is a very long term uptrend channel that has been respected for a long time and on this dip I believe this trend will hold.
At the moment, LTC formed a hammer candle along the $218 level without painting a single candle closure underneath it which indicates very bullish momentum.
I'm expecting more accumulation along the $218 level for the remainder of the month until we see the eventual breakout next month to new highs. Please check my attached related idea for the next long targets I already have placed on LTC.
We fell off a bit as people were taking profit, still in bullish momentum. Just be patient and this will reverse
There is a very long term uptrend channel that has been respected for a long time and on this dip I believe this trend will hold.
At the moment, LTC formed a hammer candle along the $218 level without painting a single candle closure underneath it which indicates very bullish momentum.
I'm expecting more accumulation along the $218 level for the remainder of the month until we see the eventual breakout next month to new highs. Please check my attached related idea for the next long targets I already have placed on LTC.
We fell off a bit as people were taking profit, still in bullish momentum. Just be patient and this will reverse
Trade closed: target reached:
Quick update on the 4H time frame of Litecoin, it wicked the weekly resistance at $262 and the trade was closed from there. Profits were taken and now we re-evaluate the position.
Right now it looks like Litecoin is going to slowly bleed off / accumulate going into the weekly / monthly close this weekend. Expect a little pullback as Litecoin paints the bottom wick of the monthly candle.
Quick update on the 4H time frame of Litecoin, it wicked the weekly resistance at $262 and the trade was closed from there. Profits were taken and now we re-evaluate the position.
Right now it looks like Litecoin is going to slowly bleed off / accumulate going into the weekly / monthly close this weekend. Expect a little pullback as Litecoin paints the bottom wick of the monthly candle.
