I am following up from my previous idea and I am trying to make sense of supply & demand zones, and volume. I am not an expert in this at all, so I'd appreciate your thoughts.
The 4H chart shows decreasing volume and an RSI in overbought zone. What I can't make my mind up is whether the volume is suggesting a slight decrease to retest the previous resistance at 186$, or if we have exhausted supply. In the latter case, we would be looking at a stronger retracement to the 180$ area, or even down to 165$.
The 1H chart shows a bearish divergence on the RSI, and decreasing volume.
However, the 1D chart shows a wonderful cup & handle formation with price just breaking the entry point that promises well in the medium-longer term.
So, what do you think Litecoin will do next? And what are your thoughts on the supply & demand + volume considerations?
Still learning here, so any constructive feedback and positive vibes are welcome. Thank you and Happy trading!
------------------------------------------------------ Needless to say, this is not financial advice!
it may get lower in short period but it is providing the chain for doge coin, so it has to be 300 shortly.
BitfulMind
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@ridertiger, thank you for your comment. I did not know that DOGE and LTC shared the chain. And wow, 300$ is quite a target. I have hopes in that cup & handle on the daily chart. :)