Litecoin retraced a bit, but not in pre LitePay-dump channel yet
After news broke last week of LitePay ceasing its operations, LTC BTC took a big price dump. It bounced back up at my 0.0155 target and retraced some of its loss, but stopped right below the purple border of the channel it was trending in before.
Right now Litecoin is trending within a flag / symmetrical triangle (depending on time frame/connecting the lines). It would be a huge short term victory if it can push itself back in the purple channel, but with Bitcoin being very volatile around 7k, and Litecoin (social) media sentiment not overly positive yet, it still has a high chance of breaking down again.
You can use this chart to help you identify trend lines & support and resistance zones to monitor for a break in trend. Personally I only enter trades after I witness a break confirmation and set layered sells slightly below resistance targets.
This is not financial advice and my (non existing) future telling glass ball happens to hick up sometimes: you should never invest solely upon reading my or another persons TA and always do your own research: explore news, social media, white papers, tech info and so on.
Be extra cautious during these times of Bitcoin volatility , the market is twitchy and trends are easily broken at the moment so be sure to monitor your trades and set alerts and stop loss orders in place.
If you enjoy my analysis make sure to follow me at TradingView and other social media (click that nice little blue bird at my profile page).
An upvote to increase the exposure on my charts is very much appreciated!
Happy Trading! ~ Crypto JC
P.S. click the chart below to view my last week's chart analysis for a more zoomed out overview:
Right now Litecoin is trending within a flag / symmetrical triangle (depending on time frame/connecting the lines). It would be a huge short term victory if it can push itself back in the purple channel, but with Bitcoin being very volatile around 7k, and Litecoin (social) media sentiment not overly positive yet, it still has a high chance of breaking down again.
You can use this chart to help you identify trend lines & support and resistance zones to monitor for a break in trend. Personally I only enter trades after I witness a break confirmation and set layered sells slightly below resistance targets.
This is not financial advice and my (non existing) future telling glass ball happens to hick up sometimes: you should never invest solely upon reading my or another persons TA and always do your own research: explore news, social media, white papers, tech info and so on.
Be extra cautious during these times of Bitcoin volatility , the market is twitchy and trends are easily broken at the moment so be sure to monitor your trades and set alerts and stop loss orders in place.
If you enjoy my analysis make sure to follow me at TradingView and other social media (click that nice little blue bird at my profile page).
An upvote to increase the exposure on my charts is very much appreciated!
Happy Trading! ~ Crypto JC
P.S. click the chart below to view my last week's chart analysis for a more zoomed out overview:
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