Tastemaker

LTC Near Crucial Supports

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
The cryptocurrency market is overall long term bearish until proven otherwise, but many altcoins are hinting at a possible relief bounce as they approach strong support lines, are near the bottoms of channels, are oversold on the daily RSI , and playing within reversal patterns (falling wedges , etc.).

Here is a quick look at LTC, which has retraced 80% from its all time high.

Comments

Great chart/post but that RSI means zero with crypto - we've already proved that.
+2 Reply
Tastemaker london55555
@london55555, Thanks. I wouldn't say it means nothing, but it certainly can't be looked at as a sole indicator. Just like crypto will ride overbought regions during bull runs, it will ride oversold regions during the bear market. Just like an RSI of 80 is a sure sign that people will start taking profit soon, if we reach near/under 20 RSI on the daily chart, the R:R becomes really juicy and likely a sign that buyers will start coming in.
Reply
junoooo Tastemaker
@Tastemaker, think so too ... you simply have to combine rsi with other indicators.
+1 Reply
jbutler7 london55555
@london55555, Traditional levels might mean less (30 and 70 levels) but I bet 20 and 80 are usually pretty telling.
+2 Reply
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