After a massive run up stemming from an influx of volume on the 6th of November to a large spike on the 8th of December (a massive $56-$358) LTC is seeing a much needed pullback to $211 where it has found support. It may double bottom her considering the bearish run we're in, and price action is also looking for support on the 50day SMA. If price breaks the 50 day SMA we may see a further pullback to the 100 day SMA around the region of previous resistance ($149 which is close to the big even of $150).
However this would mean breaking out of the lower bollinger band which is unlikely.
I feel a pull back to the 50 day SMA and lower bollinger band is coming, and this would also be a fantastic buying opportunity - one I will consider myself. I would just air on the side of caution and wait to see price strength confirmation on the 50 day and even a MACD cross (12 day EMA crossing the 26 day EMA)
After finding this, with some nice volume it may test previous highs of $308 and $357 once more.
I know this isn't my usual style of analysis but sometimes straight and to the point is good too..
Please comment below your opinions I would love to hear yours!
Thanks
評論
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We seem to be getting a break out,
its first real hurdle is the fibonacci elevel at 257 or so and previous resistance of 260$
I see the MACD has now crossed and we got a volume boost, we could see a nice run
@XenoBiologist, Thanks for the question, I can take a look at this for you... This was a brief over view of the price action of the coin, but I am considering a position in LTC myself, it would be diligent to plan some sell points also. I will update you shortly :)
dereckmezquita
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@JamesMacLiam, Thanks! I've been holding for a while now! A little red but I'll hold on!
Mysterion94
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@XenoBiologist, Strong hands will prosper. If you sell, you lose... Hold until it comes back. Be patient. Learn from the trade - your main take away would be more patient, do more chart analysis before you buy in and dont buy at premium prices.
Stick, I will be doing as many analyses as possible,a nd we can bounce ideas back and forth with the community and keep each other updated to make sure we get in on good trades at the right price.
dereckmezquita
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@JamesMacLiam, Yeah thank you these really help; there are a lot of people who just post two lines and a title you went a little more in depth.
RonaldTDump
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@JamesMacLiam, Im considering a position also so an update would be great. Cheers.
Mysterion94
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@RonaldTDump, Will do Ronald... Is your cousin by any chance, Donald Pump?
RonaldTDump
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@JamesMacLiam, Haha. Second cousin. Untrustworthy, needs to lose weight, bit of a whale.
I chose this name as a anagram of the PONTUS name before having any idea about crypto (not that i have much of one now) but probabaly wouldn't have having now learned about about pump and dump. Negative association may follow me.