Reasons for open position:
- Price in rising wedge
- There is a chance that the price will again return to a key level 71.2$
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Is this the perfect storm? Perfect 618 tap on the Fibonacci along with a bullish divergence on the daily timeframe.
Looks good but remember your risk management on this one. Could drop lower if Bitcoin has a bad day.
LTC continues to slide from its $146 peak (which I had predicted).
The "Halvening" was the previous driving force and is now relaxing.
There is a fib confluence at $64.82 - 64.88 that should bounce it.
The Green fib lines are of the Impulse up from bottom at $20.
The Purple fib lines are of the Impulse down from $146 peak.
Purple 9.618 should end the wave, with...
On the 1D chart, Litecoin prediction is about to become bullish as the blue line of the MACD indicator crossing the red one. Such a movement indicates the upcoming trend change. In this regard, LTC might test the upper boundary of the channel at the level of $85. However, trading volume needs to be high to maintain the bullish mood.
Short term direction: Long
Starting our analysis on the daily chart, we can see that the price has recently made a head and shoulders formation. The second shoulder has just been formed, so we are expecting a bearish move to form next, to complete the formation. The RSI, however, is on the oversold side, so there may be a sideways or a smaller bullish...
Big H&S Pattern on LTC/USD. Neckline already broke. Good entry for a Short would be a failed test of the neckline.
Very similar Pattern on BTC/USD, but the neckline is still holding there. Maybe it follows LTC on the way down?
LTCUSD bounced off 65.53 where it could potentially rise further to 85.32.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
LTC/USD - is halving pump over?
Looks like 6 month of uptrend in LTC/USD was not just follow up with BTC rally to 14 k, but also the upcoming halving pump. Struggles at 140$ area followed by BTC dump from the 2019 highs triggered massive sell off even before halving occurred and LTC price didn't manage to come back at 2019 highs at 146 $ again....
Litecoin is showing a lot of bullish potential so long as it can hold this 61.8 level, which for the time being, seems like the most likely scenario. We can see that Litecoin appears to be consolidating right at this 61.8 level, and with that, building momentum. The 1 day time frame is looking strong on the Macd and we are getting a green bar on the Megalodon...