botje11

Litecoin LTC Long Term Low Set or just a Correction, Part 5

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
Litecoin just keeps on popping up, ignoring all the resistances and possible short term bearish pattern . It even broke that channel on the upside already, which is something that rarely happens. So that "long" term resistance around 50 broke as well. Because of this, the real test will be seen now.

We have already made a pullback to the 50/48 zone, there is a little bit more room left, but normally we should stay above that channel now. If this starts to take a lot of time (several days) the chances for a bigger correction will increase a lot. But the 46/44 blue trend line on the left could also work as support. The green support around 40/42 can not brake anymore, that could even suggest the whole rally is over already and we have set a bull trap with the moves of the past 2/3 days. Ideally we see that triangle on the right form, but that would be unlikely because that needs a lot of conviction. I only see that happen if Bitcoin can break the 3970ish again. I think a retest of the 48 support is more likely to happen than a move to the high again.

Low time frame it's a bit difficult to judge, higher time frame is mentioned above with an addition, that if we rally, there is a big resistance zone ahead around the 65. Weekend is also closing in again, so would like to see a clearer picture tomorrow.


Please don't forget to like if you appreciate this :)


Previous analysis:
If you want to support me, my affiliates:

Bitcoin futures trading, 10% discount: http://www.bitmex.com/register/5UpPrj
http://www.binance.com/?ref=35269417
For copy trading FX at Etoro: https://etoro.tw/2HjrI9X
Public Telegram Channel https://t.me/botje11
Your chart on the right in the hourly time frame, does it look like the right shoulder is forming?
+2 Reply
elpokor lvg3g
@lvg3g, ye but last one didn't play out well despite breaking down, it was protected by the middle of the green channel and I suspect the same scenario could be unfolding now with a smaller blue channel drawn from the recent local tops, with it's middle protecting the bulls. Baiting liquidity from bear stop losses to break it up perhaps?
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Send feedback Ideas Published Followers Following Private Messages Chat Sign Out