Litecoin - Bullish Cypher
Updated
What's up everyone, after receiving many request for LTC/BTC here is my view on the 4h chart featuring a bullish cypher pattern.
The measurements for a valid cypher are detailed below.
B: 0.382 - 0.618
C: 1.272 - 1.414
X to D: 0.786
Right now price is holding above the minor support trendline at 0.016, a break and close below would indicate a move to lower support at 0.0146.
From there I would expect a further move down to complete the D leg, therefore, providing an ideal area to go long.
If support holds price could push up to resistance at 0.0178, which is just above the 0.382 retracement of high to low.
Just to add, to all those requesting analysis keep in mind I receive a lot of requests per day and I only upload analysis where I see beneficial to the community.
I hope you all have an excellent weekend when it comes.
The measurements for a valid cypher are detailed below.
B: 0.382 - 0.618
C: 1.272 - 1.414
X to D: 0.786
Right now price is holding above the minor support trendline at 0.016, a break and close below would indicate a move to lower support at 0.0146.
From there I would expect a further move down to complete the D leg, therefore, providing an ideal area to go long.
If support holds price could push up to resistance at 0.0178, which is just above the 0.382 retracement of high to low.
Just to add, to all those requesting analysis keep in mind I receive a lot of requests per day and I only upload analysis where I see beneficial to the community.
I hope you all have an excellent weekend when it comes.
Note
To those trading LTC/USD here is the same pattern using different support and resistance levels.Note
Support broken at 0.0146, expecting further declines to complete the D leg at 0.0124.
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