LITECOIN (LTC/USD) | Strong Price Zone, a Possible Bounce Area!
LTC/USD Daily chart offers a pretty easily spottable strong area which can be also a bounce area for short-term profits.
It stays around $70 and the area criteria are:
1. Simple the strong area (gray price zone) which has worked historically as a support and as a resistance:
- 27th June 2018 as a support
- 4th September 2018 as a resistance
- 2nd April 2019 strong candle breakthrough upwards. It shows that the area is very strong.
- 29th April 2019 as a support
2. Fibonacci Golden Ratio 62% is exactly on the gray area which adds strongness into it. Pulled from 2018 Low to 2019 high.
3. The round number $70 should act as a support.
4. The dotted trendline from the 2018 low runs through the crossing area. It is not so strong indication because of the duration between the touches but still, it should add something.
5. The blue trendline (pointed downwards, without dots) should work after the third touch has occurred. It runs through exactly at the crossing area.
6. 50% fall from the recent top. The recent top was made on 22nd June 2019, price ~$145. Coins reacting pretty nicely after the 50% drop from the previously made clear top. So, it should play a pretty significant role in the crossing area inside the gray price zone.
SUMMARY: Technically a perfect entry for short-term profits should stay between $68 - $72.5
When the internal struggle ends, everything becomes easy.
– Mark Douglas
Do your own research and if this matching with mine then you are ready to go!
Please, take a second and support my effort by hitting the "LIKE" button, it is my only FEE from You!
Best regards,
Vaido
It stays around $70 and the area criteria are:
1. Simple the strong area (gray price zone) which has worked historically as a support and as a resistance:
- 27th June 2018 as a support
- 4th September 2018 as a resistance
- 2nd April 2019 strong candle breakthrough upwards. It shows that the area is very strong.
- 29th April 2019 as a support
2. Fibonacci Golden Ratio 62% is exactly on the gray area which adds strongness into it. Pulled from 2018 Low to 2019 high.
3. The round number $70 should act as a support.
4. The dotted trendline from the 2018 low runs through the crossing area. It is not so strong indication because of the duration between the touches but still, it should add something.
5. The blue trendline (pointed downwards, without dots) should work after the third touch has occurred. It runs through exactly at the crossing area.
6. 50% fall from the recent top. The recent top was made on 22nd June 2019, price ~$145. Coins reacting pretty nicely after the 50% drop from the previously made clear top. So, it should play a pretty significant role in the crossing area inside the gray price zone.
SUMMARY: Technically a perfect entry for short-term profits should stay between $68 - $72.5
When the internal struggle ends, everything becomes easy.
– Mark Douglas
Do your own research and if this matching with mine then you are ready to go!
Please, take a second and support my effort by hitting the "LIKE" button, it is my only FEE from You!
Best regards,
Vaido