Litecoin in relatively good shape despite all the Bitcoin FUD
Updated
Litecoin/Bitcoin 2 hour candles
Hello again, I'm back with a (short) update on Litecoin. LTC managed to break out of the falling wedge I drew in my last week's analysis. Unfortunately Bitcoin/dollar dipping this week released a lot of FUD on the market, with Bitcoin's volatility ruling the trend of most alts at this time. LTCBTC managed to keep its head high relatively well and is currently moving in a flag / pennant hybrid.
For now I'm cautiously bullish on LTC, but if Bitcoin keeps declining towards its $6600 bearish target, this will no doubt affect Litecoin as well, so be sure to monitor those break and bounce targets I've mentioned in my chart.
Although I wish I'd have a magic glass ball that predicts the future, I don't actually have one, so be aware things may work out differently as I think they might. You can use my charts to help you identify trend lines & support and resistance zones to monitor for break in trends. Personally I only enter trades after I witness a break confirmation and set layered sells slightly below resistance targets. This is not financial advice: 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. A push on the like button is very much appreciated!
Happy Trading! ~ CryptoJC
P.S. here is my analysis on Bitcoin / USD I posted today, which you can use to monitor the "Bitcoin situation".
Hello again, I'm back with a (short) update on Litecoin. LTC managed to break out of the falling wedge I drew in my last week's analysis. Unfortunately Bitcoin/dollar dipping this week released a lot of FUD on the market, with Bitcoin's volatility ruling the trend of most alts at this time. LTCBTC managed to keep its head high relatively well and is currently moving in a flag / pennant hybrid.
For now I'm cautiously bullish on LTC, but if Bitcoin keeps declining towards its $6600 bearish target, this will no doubt affect Litecoin as well, so be sure to monitor those break and bounce targets I've mentioned in my chart.
Although I wish I'd have a magic glass ball that predicts the future, I don't actually have one, so be aware things may work out differently as I think they might. You can use my charts to help you identify trend lines & support and resistance zones to monitor for break in trends. Personally I only enter trades after I witness a break confirmation and set layered sells slightly below resistance targets. This is not financial advice: 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. A push on the like button is very much appreciated!
Happy Trading! ~ CryptoJC
P.S. here is my analysis on Bitcoin / USD I posted today, which you can use to monitor the "Bitcoin situation".
Note
Quick update on my LTC/BTC chart. I just noticed right now I made a typo at one of the lower eye marked support lines. On of them was mistakenly so labeled at 0.0178 btc instead of 0.0185. Here is a correction :)
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