First TView Post . LTC/USD Analysis!
Hello all, welcome to my first tradingview post. I hope this can be of good use to you. Let's get right to it.
Looking at the 4 hour chart, we can see that LTC is in a steady downtrend. I am beginning from 2/19/18 with the top green trendline. This line provides resistance on 2/19 , 3/5, 3/21 and 3/23. This trend line extends to form the top of the downtrend channel.( green ). As for the bottom of the downtrend channel(bottom green line) I'd like you to first take a look a the blue arrow.A buyers rally which occurred on 2/13/18 and ended on 2/14/18. This support of 210.26 is where I begin the bottom of the downtrend channel. If you follow the line toward more recent price action, the bottom of the channel was tested on 2/22 and provided support on 3/8,and 3/9, 3/18 , and 3/29. As we continue in the downtrend channel, we will approach the next important support/resistance zone between. 109.50 to 106.52. The orange support line was recently respected on 3/29, and once again on 4/1. The red support line was well respected on 2/5. A bounce off the red line occurred on 2/5 that began a short term uptrend. The short term uptrend is shown with the purple trend line. On 2/14/18 this short term uptrend ended. I would also like to point out that we have a Bullish MACD cross on 3/30 but volume has been very low, therefore this is not a bullish sign or reversal signal. From this standpoint, it appears that LTC will remain in the downtrend channel and very likely to reach 106.52 in the short term. If LTC breaks through this price level the next support will be the blue line at 84.40. The overall picture looks bearish, I have placed a paper short trade at the time I was writing this post. If the strong support at 106.52 is broken I will continue short , if a bounce occurs I would go long. This is not financial advice or reccomendation to buy/sell LTC. Please let me know what you think and where I can make improvement. Thank you.
Looking at the 4 hour chart, we can see that LTC is in a steady downtrend. I am beginning from 2/19/18 with the top green trendline. This line provides resistance on 2/19 , 3/5, 3/21 and 3/23. This trend line extends to form the top of the downtrend channel.( green ). As for the bottom of the downtrend channel(bottom green line) I'd like you to first take a look a the blue arrow.A buyers rally which occurred on 2/13/18 and ended on 2/14/18. This support of 210.26 is where I begin the bottom of the downtrend channel. If you follow the line toward more recent price action, the bottom of the channel was tested on 2/22 and provided support on 3/8,and 3/9, 3/18 , and 3/29. As we continue in the downtrend channel, we will approach the next important support/resistance zone between. 109.50 to 106.52. The orange support line was recently respected on 3/29, and once again on 4/1. The red support line was well respected on 2/5. A bounce off the red line occurred on 2/5 that began a short term uptrend. The short term uptrend is shown with the purple trend line. On 2/14/18 this short term uptrend ended. I would also like to point out that we have a Bullish MACD cross on 3/30 but volume has been very low, therefore this is not a bullish sign or reversal signal. From this standpoint, it appears that LTC will remain in the downtrend channel and very likely to reach 106.52 in the short term. If LTC breaks through this price level the next support will be the blue line at 84.40. The overall picture looks bearish, I have placed a paper short trade at the time I was writing this post. If the strong support at 106.52 is broken I will continue short , if a bounce occurs I would go long. This is not financial advice or reccomendation to buy/sell LTC. Please let me know what you think and where I can make improvement. Thank you.
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.