Hello everybody.
Today I zoomed out and tried to find Litecoins bigger picture only to find what many cryptos are doing; trapped in a descending price channel. We have seen patterns in patterns within this channel only to be disappointed in the end. However the bigger picture does show what LTC has been up too, giving us clues through trend lines and indicators as to where we are headed.
For the last 5 days LTC has been using the 50 EMA as a form of resistance and for the most part as resistance through out the duration of this price channel. After a few bounces we can see that the MACD has lost steam and is now triggered to head towards support and in most cases a new low. I have 2 arrows pointing at 2 possibilities for where LTC is heading. Beware that LTC has broken through levels of support retracing to form new lows as can be seen within this price channel.
This is my viewpoint and my opinion. I am not giving advice but only sharing what I see. Do not enter a trade on my TA but do your own homework.
Cryptocurrency is volatile and very risky. Never invest what you can't afford to lose and always educate yourself and continue to do so when making any kind of investment.
If you find this information helpful, then please hit the like button. Your support is appreciated. Thank you!
Cheers!
Today I zoomed out and tried to find Litecoins bigger picture only to find what many cryptos are doing; trapped in a descending price channel. We have seen patterns in patterns within this channel only to be disappointed in the end. However the bigger picture does show what LTC has been up too, giving us clues through trend lines and indicators as to where we are headed.
For the last 5 days LTC has been using the 50 EMA as a form of resistance and for the most part as resistance through out the duration of this price channel. After a few bounces we can see that the MACD has lost steam and is now triggered to head towards support and in most cases a new low. I have 2 arrows pointing at 2 possibilities for where LTC is heading. Beware that LTC has broken through levels of support retracing to form new lows as can be seen within this price channel.
This is my viewpoint and my opinion. I am not giving advice but only sharing what I see. Do not enter a trade on my TA but do your own homework.
Cryptocurrency is volatile and very risky. Never invest what you can't afford to lose and always educate yourself and continue to do so when making any kind of investment.
If you find this information helpful, then please hit the like button. Your support is appreciated. Thank you!
Cheers!