Litecoin LTC From Bear Trap to Bull Trap

已更新

Litecoin has been a strange one the past week. Going from a bear trap to a bull trap a few days ago. The upside breakout looked quite solid, volume was on the low side so i knew there was some risk, but it was not that bad to see it drop all the way to 50.
We have just tested that former support level again and so far we got a bounce and are above the danger zone again. But the LTC bulls have a long way to go before having the upper hand again. First of all the first red resistance, if that doesn't break we have to assume we will break the 50 and will most probably drop much more.

I think the second red zone around 53.5 is the real turning point from bearish to bullish. The target of that H&S i have shown on the right has been reached al ready, so that one doesn't have any weight at the moment. So bears have the upper hand, but if the bulls step up and break those 2 levels, the 57ish will probably be the last real level that stands in the way of the previous target around 70

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Previous analysis:

LTC Litecoin, Bear trap and Counter Move to 70?

評論

Seems the 52 resistance zone has been a tough one so, got rejection and it is moving inside of a triangle now. It can always brake both ways, but since it's moving below that resistance and it has been showing weakness, most probably to see a move downwards.