Is Litecoin heading back to the 70's or the 50's? (my opinion)
hello all! As always i hope you're all well!
Im going to keep this short and sweet, so straight to the point!
I believe we will see Litecoin break out of its current pattern in the next 3 days, we are currently in-between a level of support at $60 and resistance at $64.
Now i believe if we fall through the $60 support level we will see it sharply test the $57 mark, now the $57 support level should hold up but if not we have some strong support at the $54 mark and some major support at the $50 mark, so i don't see us falling below the $50 mark anytime soon.
Now if we break through the first level of resistance at the $64 mark i believe we will see it sharply test the next level of resistance at $67, in which i personally believe it will break out into the low $70's (within a week)
I shall re asses the chart in 3 days time as i believe this is when we will start to see a new pattern emerge.
Thats all i have for today, so as always do not make any financial decision's based on the information/opinion/predictions i provide, i hope you find my opinion/view useful in some way or another. peace out! any feedback/suggestions you have (good or bad) please post it in the comments, its much appreciated thanks! safe trading!
Im going to keep this short and sweet, so straight to the point!
I believe we will see Litecoin break out of its current pattern in the next 3 days, we are currently in-between a level of support at $60 and resistance at $64.
Now i believe if we fall through the $60 support level we will see it sharply test the $57 mark, now the $57 support level should hold up but if not we have some strong support at the $54 mark and some major support at the $50 mark, so i don't see us falling below the $50 mark anytime soon.
Now if we break through the first level of resistance at the $64 mark i believe we will see it sharply test the next level of resistance at $67, in which i personally believe it will break out into the low $70's (within a week)
I shall re asses the chart in 3 days time as i believe this is when we will start to see a new pattern emerge.
Thats all i have for today, so as always do not make any financial decision's based on the information/opinion/predictions i provide, i hope you find my opinion/view useful in some way or another. peace out! any feedback/suggestions you have (good or bad) please post it in the comments, its much appreciated thanks! safe trading!
unfamiliars
I would like to know (if you could inform me).. With a coin such as LTC I have noticed the 24hr Volume has steadily been decreasing from $350m to half that and currently at $170m, however, the price has stayed relatively stable. I am presuming that it means that although the volume has dropped it means less people are buying and selling? What would happen if 24hr volume was on $0 would the price stable the same? What does 24hr volume really indicate? If there is $500m being brought and sold but in exactly equal amounts it would still mean the price fluctuates but always stays at the same price right?
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tpham1390
Clear and straightforward analysis! As a new trader, I definitely understood your idea and the claims that you are trying to tell us; which is a huge deal! Gave you a follow! Keep posting great ideas!
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SajmonSez
Much love for sharing your viewpoint!
+1
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FrankieArnell
SajmonSez
@SajmonSez, thanks, i am glad you liked it :)
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jwburnum
Keep in mind that we are in a possible top of B wave soon on BTC...LTC is following BTC closely but with consolidation. We need a healthy break down on BTC to keep it's momentum up, this means we need tight stop losses right now with BTC. If BTC breaks down on B wave...and we get a strong C...Will LTC follow? I'm pretty sure it will. So then we will not test higher levels on LTC, until BTC clear's it's correction pattern at the moment.
+2
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FrankieArnell
jwburnum
@jwburnum, very valid point! thanks for sharing, i agree but we should hold up pretty well in the 50s if we do fall as there is some pretty strong support there
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Soss
jwburnum
@jwburnum, in the event of a strong C many BTC traders swap to LTC rather than simply just cashing out by playing the BTC/LTC charts instead, this actually happened last time LTC broke out - it slightly in opposition to a BTC sell-off.
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Soss
Soss
@Soss, it was*
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patelcrypto
Thanks for your analysis ! Great Chart !
+1
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FrankieArnell
patelcrypto
@patelcrypto, no worries, I'm glad you liked it and thanks :)
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