LITECOIN'S ATTACK...
Updated
After languishing for years, the price of a single litecoin has shot higher in recent weeks as its users have thrown their support behind a software update that would improve the network’s ability to quickly and efficiently process transactions.
On Wednesday, support for a software upgrade called segregated witness—or segwit, for short—was quickly approaching the 75% threshold of processing power needed for it to take effect.
Both bitcoin and ethereum, the two largest cryptocurrencies by market capitalization, have struggled to achieve the consensus needed to implement important software updates. In ethereum’s case, the struggle split the network into two separate coins. And bitcoin nearly experienced the same fate last month.
Investors were paying as much as $12 per litecoin on Wednesday, an increase of more than 20% from the prior day, according to data from CryptoCompare. That is just shy of a more than three-year high reached last week. The bitcoin price BTCUSD on the other hand, was flat at $1,200 a coin.
TECHNICALS POINTS
As we can see at the 60 minutes chart Litecoin has an ascending channel and it has formed a triangle ABC.
We can also see the downtrend line since the previous week.
We are in consolidation phase as range of price is decreasing.
Bollinger Bands width is at the lowest levels and we expect a move because also the triangle ABC needs to break.
In order to find possible targets price we copy the AB side and we created the ED and E'D' straight lines and place them to the possible section of the triangle that more or less we expect to break.
We can notice that if the bullish scenario happens the upper target T1 coincides with the upper trend line of the channel.
If the bearish scenario happens we can see that the target T2 coincides with the strong support level of 8,80$ area.
LONG TRADE SET-UP:
FIRST TARGET T1' AT 13,40$
SECOND TARGET T1 AT 14$
SL AT 10,20$ UNDER SUPPORT LEVEL,CHANNEL LINE,200MA/200EMA
SHORT TRADE SET-UP
FIRST TARGET AT T2 AT 8,80$
SECOND TARGET T2' AT 9,45$
BS AT 12,20$
HAPPY TRADING GUYS!!
On Wednesday, support for a software upgrade called segregated witness—or segwit, for short—was quickly approaching the 75% threshold of processing power needed for it to take effect.
Both bitcoin and ethereum, the two largest cryptocurrencies by market capitalization, have struggled to achieve the consensus needed to implement important software updates. In ethereum’s case, the struggle split the network into two separate coins. And bitcoin nearly experienced the same fate last month.
Investors were paying as much as $12 per litecoin on Wednesday, an increase of more than 20% from the prior day, according to data from CryptoCompare. That is just shy of a more than three-year high reached last week. The bitcoin price BTCUSD on the other hand, was flat at $1,200 a coin.
TECHNICALS POINTS
As we can see at the 60 minutes chart Litecoin has an ascending channel and it has formed a triangle ABC.
We can also see the downtrend line since the previous week.
We are in consolidation phase as range of price is decreasing.
Bollinger Bands width is at the lowest levels and we expect a move because also the triangle ABC needs to break.
In order to find possible targets price we copy the AB side and we created the ED and E'D' straight lines and place them to the possible section of the triangle that more or less we expect to break.
We can notice that if the bullish scenario happens the upper target T1 coincides with the upper trend line of the channel.
If the bearish scenario happens we can see that the target T2 coincides with the strong support level of 8,80$ area.
LONG TRADE SET-UP:
FIRST TARGET T1' AT 13,40$
SECOND TARGET T1 AT 14$
SL AT 10,20$ UNDER SUPPORT LEVEL,CHANNEL LINE,200MA/200EMA
SHORT TRADE SET-UP
FIRST TARGET AT T2 AT 8,80$
SECOND TARGET T2' AT 9,45$
BS AT 12,20$
HAPPY TRADING GUYS!!
Trade active
Trade active
Triangle broke upwards so we take the long trade..Happy trading!!!Trade closed: stop reached
Trade active
channel is broken look for short..Note
Rounded bottom formed bullish sign..Trade closed: target reached
we can see it touched the sl we had and we had the first target and we are waiting for the second target.Trade closed: target reached
Second target reached for a moment.Trade closed: target reached
SECOND TARGET REACHED FOR GOOD!HAPPY TRADING GUYS!
THANKS FOR SUPPORT!
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.