LTCBTC ready for a trendreversal?
Updated
Welcome fellow Tradingveiwers,
This analyses is only showing you guys my vision on LTC and should not be considered as financial advice. If you agree or find this analyses useful, don't forget to leave a Like!
Monthly:
A lot of wicks in the last couple of monthly candles, could show indecisiveness in the market.
Weekly:
Candles are not looking to promising
Also far below the MA's
But there is a huge RSI and MACD convergens which cannot be ignored.
For the ones following forallcrypto on the other social media channels, you have all seen how the bullish MACD crossover on the weekly helped us predict the bottem of BTC back in the start of 2019.
So we value this HUGE MACD and RSI convergence as a pretty bullish signal.
Daily:
Candles are indecisive slightly below MA's and not a lot of volume.
Start of the formation of a triple bottom formation.
4H:
We are currently moving inside a descending channel, which would be bullish upon breakout.
Clearer view of the triple bottom formation seen.
Triple bottom patterns are known to be reversal patterns.
MACD RSI ready for bullish momentum.
What's next?
We can now clearly see that we are forming a triple bottom while the weekly MACD has crossed bullish, the RSI has been at a flat level for some time now and also showing a convergence. Becasue the LTCUSD chart is currently forming a double bottom this could become a explosive breakout WHEN we breakout.
If this triple bottom has enough strength to break the 200 D MA then we can begin to speak of a trendreversal. But for now it is to soon. The target of the triple bottom in BTC terms will be around 0.0082 sats and would now be just short of the 200 D MA. I can't wait to see how this plays out.
If you guys liked this analyses please let me know in the comments below!
Kind regards,
Forallcrypto
This analyses is only showing you guys my vision on LTC and should not be considered as financial advice. If you agree or find this analyses useful, don't forget to leave a Like!
Monthly:
A lot of wicks in the last couple of monthly candles, could show indecisiveness in the market.
Weekly:
Candles are not looking to promising
Also far below the MA's
But there is a huge RSI and MACD convergens which cannot be ignored.
For the ones following forallcrypto on the other social media channels, you have all seen how the bullish MACD crossover on the weekly helped us predict the bottem of BTC back in the start of 2019.
So we value this HUGE MACD and RSI convergence as a pretty bullish signal.
Daily:
Candles are indecisive slightly below MA's and not a lot of volume.
Start of the formation of a triple bottom formation.
4H:
We are currently moving inside a descending channel, which would be bullish upon breakout.
Clearer view of the triple bottom formation seen.
Triple bottom patterns are known to be reversal patterns.
MACD RSI ready for bullish momentum.
What's next?
We can now clearly see that we are forming a triple bottom while the weekly MACD has crossed bullish, the RSI has been at a flat level for some time now and also showing a convergence. Becasue the LTCUSD chart is currently forming a double bottom this could become a explosive breakout WHEN we breakout.
If this triple bottom has enough strength to break the 200 D MA then we can begin to speak of a trendreversal. But for now it is to soon. The target of the triple bottom in BTC terms will be around 0.0082 sats and would now be just short of the 200 D MA. I can't wait to see how this plays out.
If you guys liked this analyses please let me know in the comments below!
Kind regards,
Forallcrypto
Trade active
The last 4 hour candle was a big bullish engulfing one, could be the start of something bigger!
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