LTC consolidating - noobs don't panic
My 2 cents:
I noticed this pattern on the hourly. Lowest point bounced right off the .382 fib line I drew yesterday, so could be a good buy since it looks like it's in an hourly falling wedge. I would say no need to panic at this point. We're consolidating after a big move here. Watch out for the 4h MACD as it might cross bearish. Daily MACD/RSI look great on the other hand, although daily RSI might reach overbought soon. (I have come to realize that "overbought" and "oversold" in crypto lies more at 80 and 20 on the RSI, rather than 70 and 30-just food for thought).
Levels to watch out for are:
237 resistance from recent high
250 resistance from fib level, and based on my long upward trending parallel channel. A break out of that should be a nice buy.
275 resistance from fib level-psychological resistance.
321 -long.
If you sold the recent top I congratulate you. Hopefully you bought BTC or something else that is doing well today with profits, but be careful, LTC aint done yet ;)
I am a noob at this still, so don't take what I say as trading advice. This is mostly for fun/personal trade analysis/learning/collaboration with you guys. Give me your opinions on my analyses and I'll give you mine.
I noticed this pattern on the hourly. Lowest point bounced right off the .382 fib line I drew yesterday, so could be a good buy since it looks like it's in an hourly falling wedge. I would say no need to panic at this point. We're consolidating after a big move here. Watch out for the 4h MACD as it might cross bearish. Daily MACD/RSI look great on the other hand, although daily RSI might reach overbought soon. (I have come to realize that "overbought" and "oversold" in crypto lies more at 80 and 20 on the RSI, rather than 70 and 30-just food for thought).
Levels to watch out for are:
237 resistance from recent high
250 resistance from fib level, and based on my long upward trending parallel channel. A break out of that should be a nice buy.
275 resistance from fib level-psychological resistance.
321 -long.
If you sold the recent top I congratulate you. Hopefully you bought BTC or something else that is doing well today with profits, but be careful, LTC aint done yet ;)
I am a noob at this still, so don't take what I say as trading advice. This is mostly for fun/personal trade analysis/learning/collaboration with you guys. Give me your opinions on my analyses and I'll give you mine.
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