Mid-Day litecoin analysis
Updated
I'm back after a short sabbatical, for some analysis. I did try to make a mid-week analysis on Wednesday, But I felt the market at the time was far to volatile for me to make an accurate educated guess. But you can see the analysis from that time.
And as I guessed the 113 support line was broken after it's fourth retest. As a glutton for punishment i'm still HODLing this coin. On the long term we are still waiting for the E point on the Elliot wave(Not pictured), and rumors of George Soros possibly getting into crypto currency, suggest a coming surge of volume, which is important in this market(LTC's volume is down, which could suggest a pump in my belief). One thing is certain we are in a ranging motion right now and the bears are holding the reigns of the markets, but they can be taken out at any moment in favor of a bull run. Watch your assets carefully!
The levels to watch are lows of 115.9 and 113.7
The 113 line being essentially weak, but still a contender
The higher level of 116 resistance line being the level to break, but also in conjunction with the Middle moving average. If these levels are broken(It appears the action will occur about 11pm - 7am EASTERN), we could see another run to 120.
Happy trading!
I ain't your fiduciary, If your not watching your own money, how can you expect someone to do it for you!
And as I guessed the 113 support line was broken after it's fourth retest. As a glutton for punishment i'm still HODLing this coin. On the long term we are still waiting for the E point on the Elliot wave(Not pictured), and rumors of George Soros possibly getting into crypto currency, suggest a coming surge of volume, which is important in this market(LTC's volume is down, which could suggest a pump in my belief). One thing is certain we are in a ranging motion right now and the bears are holding the reigns of the markets, but they can be taken out at any moment in favor of a bull run. Watch your assets carefully!
The levels to watch are lows of 115.9 and 113.7
The 113 line being essentially weak, but still a contender
The higher level of 116 resistance line being the level to break, but also in conjunction with the Middle moving average. If these levels are broken(It appears the action will occur about 11pm - 7am EASTERN), we could see another run to 120.
Happy trading!
I ain't your fiduciary, If your not watching your own money, how can you expect someone to do it for you!
Trade closed: target reached
Shortly after posting, the 116 resistance line was broken and moved the time table up. And as went on to make a run up to 120.We are waiting to see if LTC can hold above this level for at least the next few hours, for a continued run. The early morning hours and the traders awake/in asia will decide this. I personally am holding, waiting for the illustrious E point on the long term Elliot. Afterward we can look for the break up or down. As of now we are still in a sideways market
Keep those accounts Swinging!
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