What's up traders, I hope you're all having good start to the trading week!
Let's analyze LTC/USD on the 1D chart
Litecoin has been dramatic lately - and hasn't been much fun for anyone who doesn't understand how Cryptocurrency works. Please make sure you have trading experience, trading knowledge, and a good trading strategy with already establish rules before trading! I get around 15-20 messages a week to my Telegram account with people telling me they've blown their trading account. Don't be one of these people. Just take it slowly, and the profits will surely follow.
Anyway, I'm glad to be your one stop shop for accurate and reliable Cryptocurrency analysis!
Swiftly moving on, let's analyze LTC/USD on the 1D chart.
Litecoin appears to be stalling a side-wards resistance line on the daily chart at 126.90's level. Although price has stalled due to the side-wards resistance, it is also strongly due to the 20 moving average acting as a resistance. The falling moving averages suggest the trend is still down, so we need to be mindful of this before immediately assuming to take a long position.
There is only 1 logical scenario that I can see for Litecoin's near future, and that is that price will stall at the current resistance level, and fall lower into the horizontal support zone between 110 and 92 before further upside prevails, which will then break the side-wards resistance line and give an excellent buying opportunity.
I will update this analysis when I receive above 40 likes.
Let's analyze LTC/USD on the 1D chart
Litecoin has been dramatic lately - and hasn't been much fun for anyone who doesn't understand how Cryptocurrency works. Please make sure you have trading experience, trading knowledge, and a good trading strategy with already establish rules before trading! I get around 15-20 messages a week to my Telegram account with people telling me they've blown their trading account. Don't be one of these people. Just take it slowly, and the profits will surely follow.
Anyway, I'm glad to be your one stop shop for accurate and reliable Cryptocurrency analysis!
Swiftly moving on, let's analyze LTC/USD on the 1D chart.
Litecoin appears to be stalling a side-wards resistance line on the daily chart at 126.90's level. Although price has stalled due to the side-wards resistance, it is also strongly due to the 20 moving average acting as a resistance. The falling moving averages suggest the trend is still down, so we need to be mindful of this before immediately assuming to take a long position.
There is only 1 logical scenario that I can see for Litecoin's near future, and that is that price will stall at the current resistance level, and fall lower into the horizontal support zone between 110 and 92 before further upside prevails, which will then break the side-wards resistance line and give an excellent buying opportunity.
I will update this analysis when I receive above 40 likes.
I am glad to be your one stop shop for reliable, and consistently profitable CryptoCurrency analysis!