Hi friends! Here is a short, fresh, juicey update on Litecoin. An excellent long opportunity is unfolding right before our eyes on the 4h chart.
As we all know, yesterday most alts dumped quite a bit and in particular LTC. BTC is still ground on the $5300 resistance again as we speak. A very bullish signal and I'm confident that sellers are really running out of steam. As per my latest analysis, Litecoin dropped to the $77 zone and AGAIN confirmed this heavy support level (2nd green circle). This is why I took an extra long position to profit from this move. I will close this position instantly when we hit $84 levels in the short term (blue circle - blue line is the possible movement from now on).
From there on, both green and red lines are possible movements for LTC (I know, I know, either up or down, what a genius move. But I just wanted to indicate what might happen in this resistance level and my chain of reasoning). To break the $84 resistance, we need much more volume than the current level and BTC needs to break $5400 convincingly. Many technical analysts such as MPC predict another huge BTC drop, however I simply don't see this happen.
Additionally, LTC hit oversold territories on the RSI. As the RSI proves itself to be an effective (but lagging) technical indicator in the cryptomarket, I think we will soon hit the top of the $77-$84 trading channel again! Good luck.
As we all know, yesterday most alts dumped quite a bit and in particular LTC. BTC is still ground on the $5300 resistance again as we speak. A very bullish signal and I'm confident that sellers are really running out of steam. As per my latest analysis, Litecoin dropped to the $77 zone and AGAIN confirmed this heavy support level (2nd green circle). This is why I took an extra long position to profit from this move. I will close this position instantly when we hit $84 levels in the short term (blue circle - blue line is the possible movement from now on).
From there on, both green and red lines are possible movements for LTC (I know, I know, either up or down, what a genius move. But I just wanted to indicate what might happen in this resistance level and my chain of reasoning). To break the $84 resistance, we need much more volume than the current level and BTC needs to break $5400 convincingly. Many technical analysts such as MPC predict another huge BTC drop, however I simply don't see this happen.
Additionally, LTC hit oversold territories on the RSI. As the RSI proves itself to be an effective (but lagging) technical indicator in the cryptomarket, I think we will soon hit the top of the $77-$84 trading channel again! Good luck.
Comment:
My scenario is playing out nicely. Bullish momentum on BTC. No reason to change my plan. I'll update this post whenever something big happens, but currently this scenario is still valid. Lets go!