$LTC #Litecoin repeating history with an end of the downtrend
Hello lads and Ladies,
Today we are looking into Litecoin. We see very clearly an end of the long downward trend forming a very nice triangle. This would normally indicate a very soon breakout. RSI its also on a healthy rise upwards.
ANYHOW, there is a possibility that we will see a short term break down from the recent support line. We have seen this already a few times with LTCBTC that after an end of the downtrend it breaks down to the next support and just then breaks out and starts rocketing again. The break down from support after a downtrend is a very strong indicator for the next BIG MOVE on LTCBTC.
Therefore, there are two possible scenarios one that we will see a breakout right now, OR it will break the support and then have the next big move. In any case it will rise to the shown fibs lines where it might find shortly its resistance.
Considering all of the above I will put in 30% right now and divide the 70% throughout the strong buy zone.
Cheers, Tomas
Today we are looking into Litecoin. We see very clearly an end of the long downward trend forming a very nice triangle. This would normally indicate a very soon breakout. RSI its also on a healthy rise upwards.
ANYHOW, there is a possibility that we will see a short term break down from the recent support line. We have seen this already a few times with LTCBTC that after an end of the downtrend it breaks down to the next support and just then breaks out and starts rocketing again. The break down from support after a downtrend is a very strong indicator for the next BIG MOVE on LTCBTC.
Therefore, there are two possible scenarios one that we will see a breakout right now, OR it will break the support and then have the next big move. In any case it will rise to the shown fibs lines where it might find shortly its resistance.
Considering all of the above I will put in 30% right now and divide the 70% throughout the strong buy zone.
Cheers, Tomas
Get access to the MyAlgo Indicator:
mkast.io/pricing
Join our Discord under
discord.gg/9gNwXHd
Follow me on Twitter under
twitter.com/KongBTC
mkast.io/pricing
Join our Discord under
discord.gg/9gNwXHd
Follow me on Twitter under
twitter.com/KongBTC
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.