LITECOIN (LTC/USD) Has Broken Above The Down-Trendline
Litecoin' could be a pretty high-profit coin if the current market trend continues because it touches almost the 2018 low point and from there it could make a solid bounce upwards.
Currently, it has started the climb and LTC' has broken above the important down trendline which is pulled from July 18. It got a bounce from the round number area at $50 and the momentum guides it to the 200EMA which is on the six-hour chart and it acts as a resistance. At the moment the whole market makes a little throwback after yesterday's pump and we could see an LTC' throwback into the $52 area but this depends on the BTC'. If Bitcoin' would want to make a retest the triangle upper trendline then it matching exactly with LTC' $52 level.
If the climb continues then there are not any significant resistances before the next round number $60. So, if we see another leg upwards then the first target area should be around $60-$62. This is the higher high area and we could see a little price drop from there or a little consolidation before it can capture higher levels.
In the bigger picture, we have not made any significant higher highs and to change this market structure LTC have to go into the first target area to avoid the new 2018 low. Otherways if the market starts to show some bearish signs then Litecoin' could take this hit pretty strongly.
Currently, looks like the throwback (movement downwards ) is healthy if we stay above the round number or above the trendline if You see a break below those mentioned levels then definitely You want to be out of the Litecoin'.
If You want to read our Bitcoin' analysis (visit VaidoVeek profile in TradingView) or If You are interested in the latest cryptocurrency news, coin reviews and breaking stories from the world of blockchain then visit our website! (The LINK is on the profile)
Hopefully, this analysis helped You out a little bit to confirm your own analysis and if You appreciate what we do here then hit the LIKE button!
Best regards!
Currently, it has started the climb and LTC' has broken above the important down trendline which is pulled from July 18. It got a bounce from the round number area at $50 and the momentum guides it to the 200EMA which is on the six-hour chart and it acts as a resistance. At the moment the whole market makes a little throwback after yesterday's pump and we could see an LTC' throwback into the $52 area but this depends on the BTC'. If Bitcoin' would want to make a retest the triangle upper trendline then it matching exactly with LTC' $52 level.
If the climb continues then there are not any significant resistances before the next round number $60. So, if we see another leg upwards then the first target area should be around $60-$62. This is the higher high area and we could see a little price drop from there or a little consolidation before it can capture higher levels.
In the bigger picture, we have not made any significant higher highs and to change this market structure LTC have to go into the first target area to avoid the new 2018 low. Otherways if the market starts to show some bearish signs then Litecoin' could take this hit pretty strongly.
Currently, looks like the throwback (movement downwards ) is healthy if we stay above the round number or above the trendline if You see a break below those mentioned levels then definitely You want to be out of the Litecoin'.
If You want to read our Bitcoin' analysis (visit VaidoVeek profile in TradingView) or If You are interested in the latest cryptocurrency news, coin reviews and breaking stories from the world of blockchain then visit our website! (The LINK is on the profile)
Hopefully, this analysis helped You out a little bit to confirm your own analysis and if You appreciate what we do here then hit the LIKE button!
Best regards!
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