LTC Litecoin: Re-test of Support Lines
Hello friends, today I am completing a technical analysis on the 1D linear scale chart for Litecoin ( LTCUSD ), an altcoin cryptocurrency. Please review the chart and analysis below carefully as there are many trendlines and indicators noted.
#CryptoPickk notes the following:
1) The Litecoin price has been falling since the all time high in May 2021. The price has also ranged in a triangle pattern since that point.
2) The Litecoin price has been supported by two bottom trendlines as shown by the yellow colors. The price has the potential to re-test the first support trendline which would bring the price to around $177-$180. If this does not hold, the price will have the support of a multi-month trendline which it could re-test around $130-$135. If price breaks below the bottom support trendline, a bigger drop is possible.
3) The first support trendline is also the 0.236 Fibonacci Retracement level where the price generally has reverse potential.
4) The RSI (relative strength index) is supported by a bottom trendline which it has been bouncing off of. If this breaks, the price has potential to drop.
5) The Volume has been consistent so expect volatility.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
#CryptoPickk notes the following:
1) The Litecoin price has been falling since the all time high in May 2021. The price has also ranged in a triangle pattern since that point.
2) The Litecoin price has been supported by two bottom trendlines as shown by the yellow colors. The price has the potential to re-test the first support trendline which would bring the price to around $177-$180. If this does not hold, the price will have the support of a multi-month trendline which it could re-test around $130-$135. If price breaks below the bottom support trendline, a bigger drop is possible.
3) The first support trendline is also the 0.236 Fibonacci Retracement level where the price generally has reverse potential.
4) The RSI (relative strength index) is supported by a bottom trendline which it has been bouncing off of. If this breaks, the price has potential to drop.
5) The Volume has been consistent so expect volatility.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
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