THE NEW TREND BEGINS
Litecoin has continued to move higher breaking some near resistance. To analyse the possible price move, we will use the pitchfork to point out the near targets.
The pitchfork is use when the price is moving up or down to point out the possible near support and resistance. With the use of three different anchor points 7th of December 2018, 8th of Jan 2019 and 29th of Jan 2019.
After picking these points, the next step is to look for VALIDATIONS(Validations mean respect of the lines in the pitchfork), this will tell you the direction of the price. Currently the price is yet to break above the ML(the white line), which is serving as a strong resistance. The second rule of the pitchfork states that " price will either reverse at the ML gap(zoom) through it or consolidate above/ below it". This is the third time the price is reaching the ML, what we expect from here is that price will pull back a bit before it gap through it to test the upper limit.
Number 4 of the rules of pitchfork states that "price reverses at any ML or ML parallel.
If price break the resistance(ML), there is high probability that price will reach the upper limit before retracing to test some previous low support.
We have pegged out long term hold target at a minimum of 90usd.
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
Litecoin has continued to move higher breaking some near resistance. To analyse the possible price move, we will use the pitchfork to point out the near targets.
The pitchfork is use when the price is moving up or down to point out the possible near support and resistance. With the use of three different anchor points 7th of December 2018, 8th of Jan 2019 and 29th of Jan 2019.
After picking these points, the next step is to look for VALIDATIONS(Validations mean respect of the lines in the pitchfork), this will tell you the direction of the price. Currently the price is yet to break above the ML(the white line), which is serving as a strong resistance. The second rule of the pitchfork states that " price will either reverse at the ML gap(zoom) through it or consolidate above/ below it". This is the third time the price is reaching the ML, what we expect from here is that price will pull back a bit before it gap through it to test the upper limit.
Number 4 of the rules of pitchfork states that "price reverses at any ML or ML parallel.
If price break the resistance(ML), there is high probability that price will reach the upper limit before retracing to test some previous low support.
We have pegged out long term hold target at a minimum of 90usd.
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
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.
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.