✴️ Litecoin | A Closer Look At The Current Correction
Four days Litecoin printed really strong bearish candles.
The green candle 30-June was even stronger.
Strong up, strong down.
Today we are seeing the first green candle after this retrace started.
Can Litecoin resume growing now or will it continue lower?
Let's see what the chart has to say.
I looked at the volume using other pairs.
While the volume 30-June is huge, the retrace volume is just average; One point in favor of the bulls.
All the indicators continue bullish and the bounce is happening exactly at EMA21 (a retest) and 0.382 Fib. retracement.
Seeing that similar action took place late June, it is possible to see Litecoin moving forward from this point.
It is still hard to say with certainty though because this is short-term.
What is easy to say with certainty is that we will get a higher high next... The retrace can become extended but the bulls are not done yet.
Regardless of the very short-term, we go up.
Namaste.
The green candle 30-June was even stronger.
Strong up, strong down.
Today we are seeing the first green candle after this retrace started.
Can Litecoin resume growing now or will it continue lower?
Let's see what the chart has to say.
I looked at the volume using other pairs.
While the volume 30-June is huge, the retrace volume is just average; One point in favor of the bulls.
All the indicators continue bullish and the bounce is happening exactly at EMA21 (a retest) and 0.382 Fib. retracement.
Seeing that similar action took place late June, it is possible to see Litecoin moving forward from this point.
It is still hard to say with certainty though because this is short-term.
What is easy to say with certainty is that we will get a higher high next... The retrace can become extended but the bulls are not done yet.
Regardless of the very short-term, we go up.
Namaste.
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