• Pair approaching YTD lows near 1.24680 • The latter should act as medium term support and prevent further losses • Strong Canadian jobs data signal a stronger recovery compared to the U.S • Rising oil prices adds to the downside pressure • Breaking 1.24680 exposes 2017 lows near 1.22470
• Why is Litecoin not worth 1000$ now ? • Why is the price getting consecutive rejections on every uptick ? • Many people think the intrinsic value of Litecoin should be around 1000$ now or even more but many factors are preventing it from achieving higher levels like. I will state few • Retailers are taking profit every time the coin is rising, therefore...
• Ascending channel on hourly chart • Trend line providing support alongside the 100 SMA • 151.280 capping further gains • Buy positions recommended only on a break above the mentioned level
• Sterling approaching support of the ascending channel • Pressured by a mildly bearish 100 SMA • Unable to break the moving average at 1.3910 exposes further downside
• Litecoin looks bullish again • Daily close near the high • Ascending triangle on hourly chart • Needs to break resistance at 200 for further gains • Bullish pattern
• Litecoin confined in a tight range • Needs to clear 200 resistance (50% retracement) • Second resistance to be cleared is 210 (previous high and 61,8% retracement) • Breaking both resistance, with momentum, exposes YTD high at 245 and above
• Fibonacci analysis for the recent bearish move • The analysis is divided into 2 • 1: Last week of February, 2: First week of March • 1 (1.2240 to 1.1990): The bearish move was followed by a correction to 50% retracement • 2 (From 1.21 to 1.1830): The most recent bearish continuation move is now being corrected • Correction can extend up to 38,2% or 50% (1.1930...
• Weekly chart analysis • The 2018-2020 trend line provided some support today near 1.1890 and is expected to hold • Breaking this trend line exposes further downside
• Ascending channel holding quite well • Strong dollar is driving most pairs down • Bears on temporary hold near the trend line support, and the 240 4-hour moving average at 1.37700 • Back in 2017, sterling went up to 1.43, few pips away from 2021 highs and then retreated back to 1.37 before going up again towards 1.44 • In technical analysis, history repeats...
• Surging US bond yields adds pressure to the pair • Near term trend is bearish • 100 pips away from the 200-Day moving average which if broken, signals the main trend is turning bearish • Broke 2 main trend lines support
• Yellow metal turned bearish following a strong dollar and bond yields • Broke first trend line support at 1721-1722 • Next target comes at 1660 (next trend line support and April 2020 low)
• Rising bond yields causes slump of the yellow metal • Also risk appetite and covid-19 vaccine delivery worldwide adds more pressure • Bounced just at the trend line support from March 2020 • Further down comes the May 2019 trend line support at 1650
• Rising US bond yields behind the leg lower of the euro • Also rising odds of interest rate hike by the Fed earlier than expected • Pair approaching first trend line support at 1.2050 • Breaking the first line exposes the second trend line support at 1.1950
• Elliott wave analysis • Looks like the coin is riding along wave 4 • Wave 4 usually retraces between 38,2% and 50% • Wave 4 never enters the price territory of wave 1 Since the 50% retracement around 181$ enters the price territory of wave 1, then most likely the retracement is going to stop at the 38,2% around 196$, just below today's lows. • Next move is...
• Uptrend channel short term • Coin battling with critical long term resistance line around 250$ • Breaking the latter exposes higher prices, next target at 270$
• Descending channel support broken • Support line was holding for 3 months • Broken near 0.8660 • Signaling further declines in the future • Next target 0.8620 critical support • Might retest the support turned resistance before further decline • Any bounce should be sell opportunity and short lived
• First descending short term trend line was broken • Second descending long term trend line is the next target (near 1.2780) • Before that lies the 50-day moving average near 1.2750 • USD picking up pace after strong retail sales data • Long positions should be short lived since the CAD is supported by rising oil prices
• Small channel breakout • Heading towards the upper trend line of the wider channel • Pair looking for 129.00 and above