LitecoinLong
LTC: Prices Bulls Need to Pass for recovery to continue
Trying to identify areas of major resistance coming up that need to be passed if this recovery is going to really happen. I placed green arrows at price points I used to identify the resistance ranges.
The first is $47 - $57 ... I can see this as a potential reversal area to retest the lows in the $20 range ... that actually would not be that bad in the long run ... a quick run down to near $22 to make a new near term low would give us bullish divergence on RSI, which should give bulls a lot more confidence that the low is truly in.
After that, $62 to $66. A failure there to then retest $47-$57, you will want to hope that ends it and LTC pushes even higher. That would be the best case scenario.
So ... what I think may happen next that would give LTC hope:
1. Run to $47 - $57, fail, and retest $22 and bounce from there again giving full confidence the low is really in and only higher times from there
or
2. Run to $62 - $66, fail, retest back down to $47 - $53, and continue on, which would validate we are in Wave 3 in the bigger EW count.
These are very wide ranges, but this is also a unique, very volatile time. Cryptos are either trying to carve out a "forever" bottom, or prices will melt and wipe it all out.
If you are not in LTC yet, I wouldnt touch it until after one of these two situations happen. Below $22 and the bullish case would most likely be over for a while.
The first is $47 - $57 ... I can see this as a potential reversal area to retest the lows in the $20 range ... that actually would not be that bad in the long run ... a quick run down to near $22 to make a new near term low would give us bullish divergence on RSI, which should give bulls a lot more confidence that the low is truly in.
After that, $62 to $66. A failure there to then retest $47-$57, you will want to hope that ends it and LTC pushes even higher. That would be the best case scenario.
So ... what I think may happen next that would give LTC hope:
1. Run to $47 - $57, fail, and retest $22 and bounce from there again giving full confidence the low is really in and only higher times from there
or
2. Run to $62 - $66, fail, retest back down to $47 - $53, and continue on, which would validate we are in Wave 3 in the bigger EW count.
These are very wide ranges, but this is also a unique, very volatile time. Cryptos are either trying to carve out a "forever" bottom, or prices will melt and wipe it all out.
If you are not in LTC yet, I wouldnt touch it until after one of these two situations happen. Below $22 and the bullish case would most likely be over for a while.
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.