What's up traders,
Here we are analyzing LTC/USD on the 12H chart.
LTC/USD is very bullish, having recently broke side-wards resistance structure at 162 after a long term downtrend.
At current, price is trading at 210, price broke out yesterday after supporting on the 20 and 50 moving average. This suggests to me that the moving averages were supported on after a higher low, and a breakout ensued. If this wasn't the time for you to realise there was an uptrend, now is.
Price will now likely test the side-wards resistance at around 150 as a new support, this isn't a deal breaker either way. The retest would likely see the horizontal support, the side-wards support, and the moving average supports all tested at the same time, which would be an excellent launch pad for prices to go higher into the future.
I am expecting Litecoin to come down lower, and begin picking up momentum again towards the target zone at 370.
Bare in mind, that I am predicting a longer term bull presence, this is not short term in my professional opinion.
Also bare in mind that price is likely to sustain highs in Litecoin due to the new Litepay, and when the hype is done, it could begin to "fade" to a mean reversion zone, to correspond (In average) with the other cryptocurrency asset prices.
I will update this analysis when I receive above 40 likes.
Here we are analyzing LTC/USD on the 12H chart.
LTC/USD is very bullish, having recently broke side-wards resistance structure at 162 after a long term downtrend.
At current, price is trading at 210, price broke out yesterday after supporting on the 20 and 50 moving average. This suggests to me that the moving averages were supported on after a higher low, and a breakout ensued. If this wasn't the time for you to realise there was an uptrend, now is.
Price will now likely test the side-wards resistance at around 150 as a new support, this isn't a deal breaker either way. The retest would likely see the horizontal support, the side-wards support, and the moving average supports all tested at the same time, which would be an excellent launch pad for prices to go higher into the future.
I am expecting Litecoin to come down lower, and begin picking up momentum again towards the target zone at 370.
Bare in mind, that I am predicting a longer term bull presence, this is not short term in my professional opinion.
Also bare in mind that price is likely to sustain highs in Litecoin due to the new Litepay, and when the hype is done, it could begin to "fade" to a mean reversion zone, to correspond (In average) with the other cryptocurrency asset prices.
I will update this analysis when I receive above 40 likes.
