First TVIEW POST . LTC/USD Analysis
Hello all, welcome to my first tradingview post. I hope this can be of good use to you. Let's get right to it.
Looking at the 4 hour chart, we can see that LTC is in a steady downtrend.I am beginning from 2/19/18 With the resistance points on 2/19/18 , 3/5/18, 3/21 and 3/23, to form the top of the most recent downtrend channel.(green line). As for the bottom of the downtrend channel(bottom green line) I'd like you to first take a look a the blue arrow.A buyers rally which occurred on 2/13/18 and ended on 2/14/18. This support of 210.26 is where i begin the bottom of the downtrend channel. If you follow the line toward more recent price action, the bottom of the channel was tested on 2/22 and provided support on 3/8,and 3/9, 3/18 , and 3/29. As we continue in the downtrend channel, we will approach the next important support/resistance zone between. 109.50 to 106.52. The orange support line was recently respected on 3/29, and once again on 4/1. The red support line was well respected on 2/5. A bounce occured on 2/5 that began a short term uptrend. The short term uptrend is shown with the purple trend line. On 2/14/18 this trend ended and then the downtrend began. From this standpoint, it appears that LTC will remain in the downtrend channel and very likely to reach 106.52 in the short term. If LTC breaks through this price level the next support will be the blue line at 84.40. Since the overall picture looks bearish, I have placed a paper short trade at the time i was writing this post. If the strong support at 106.52 is broken I will go short , if a bounce occurs I would go long. This is not financial advice or reccomendadtion to buy/sell LTC. Please let me know what you think and where I can make improvement. Thank you.
Looking at the 4 hour chart, we can see that LTC is in a steady downtrend.I am beginning from 2/19/18 With the resistance points on 2/19/18 , 3/5/18, 3/21 and 3/23, to form the top of the most recent downtrend channel.(green line). As for the bottom of the downtrend channel(bottom green line) I'd like you to first take a look a the blue arrow.A buyers rally which occurred on 2/13/18 and ended on 2/14/18. This support of 210.26 is where i begin the bottom of the downtrend channel. If you follow the line toward more recent price action, the bottom of the channel was tested on 2/22 and provided support on 3/8,and 3/9, 3/18 , and 3/29. As we continue in the downtrend channel, we will approach the next important support/resistance zone between. 109.50 to 106.52. The orange support line was recently respected on 3/29, and once again on 4/1. The red support line was well respected on 2/5. A bounce occured on 2/5 that began a short term uptrend. The short term uptrend is shown with the purple trend line. On 2/14/18 this trend ended and then the downtrend began. From this standpoint, it appears that LTC will remain in the downtrend channel and very likely to reach 106.52 in the short term. If LTC breaks through this price level the next support will be the blue line at 84.40. Since the overall picture looks bearish, I have placed a paper short trade at the time i was writing this post. If the strong support at 106.52 is broken I will go short , if a bounce occurs I would go long. This is not financial advice or reccomendadtion to buy/sell LTC. Please let me know what you think and where I can make improvement. Thank you.
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