VaidoVeek

LITECOIN (LTC/USD) | Strong Price Zone, a Possible Bounce Area!

BITTREX:LTCUSDT   Litecoin / Tether
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!
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Best regards,
Vaido
any update bro?
+1 Reply
cool
Reply
RSI Divergence also supports your view plus pin bar rejection, definitely high probability setup. Good luck!
+1 Reply
As much as I dislike LTC, this is certainly tempting. Good call IMO.
Reply
Nice idea!
+1 Reply
VaidoVeek Yuriy_Bishko
@Yuriy_Bishko, thank you mate!
Reply
Your view is very logical. My belief is BTC will continue lower as well before we challenge new highs. I expect both to move somewhat in tandem.
+1 Reply
Idea is 6 hours ago, but LTC recently made great gains from yesterday $82 up to currently $89.

So why support at 68-72? Are you saying wait for it to fall back because we have seen 72 yet.

Thanks
Reply
@kxa5111, For me, this is high probability bounce area where I search profit opportunities. At the moment, and again, at the moment I don’t look other levels. IF it makes some breakouts upwards, then I search those but currently the strongest support is around $70.
Regards!
+1 Reply
kxa5111 VaidoVeek
@VaidoVeek, Thanks for the reply. Yeah LTC made a surprise move upwards, killed all bears.
Reply
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