JacobR905

Litecoin set for a big run!!?

Long
COINBASE:LTCUSD   Litecoin / U.S. Dollar
Litecoin has been rebounding very nicely recently taking out the 0.2 FIB at 177.55 and the crucial pivot point which we have held for the past few days. This level is very important because it signals a turn around in the market and by holding above here we can expect to see some upside, we don't want to breakdown and fall below so keep an eye on this level. We are currently facing resistance as im writing this and our next significant points of resistance after taking this level out would be the R2 resistance at 218 and then heavy resistance shortly after at 220$ finally the last heavy point of resistance we will talk about today is the 247$ which we always seem to struggle with, if we can successfully take this level out we are looking very very bullish! Now check out the bollinger bands , as you guys can see just today we are starting to grab onto that top band which is always a great sign, if we can continue doing so we will be looking at a big rally riding up the top band taking out key resistance levels on the way! Another thing i should point out is the bollinger bands are beginning to squeeze on price action and the more we see this happen and the tighter they get the bigger explosive move, now the BB doesnt signal which way this move is headed but i would say we are looking at the upside. Now something that looks very positive on the MACD is if you look at the histogram we were in a steady decline going towards the midline but today we have rebounded and actually have created a bigger green bar then yesterday, this could be the start of another bullish rally on the MACD it shows bull momentum is increasing and if we see this continue to play out we are going to see some nice upside follow, aswell the MA's specifically the blue MA is starting to gain more separation on the orange MA, this is always a positive sign because the more we separate the less likely we are to see a near term bearish cross, even if we were to have a couple red days. Seeing the Blue MA head to the upside and the orange continue to be flat and move sideways shows that we for sure could be set on another bullish rally! Not financial advice just my opinion!

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