Litecoin LTC set up for greatness but volume not great
Updated
In the previous analysis the small bear flag broke, reached it's target and then bounced up big from that thick trend line in the middle. We have since made some big moves the past weeks and the 84 has held like a solid rock so far. Because of this we can also assume this 84/86 zone is a very important level. So if it breaks, we should see it drop towards the 70 price range.
Bitcoin is not making up it's mind to rally up or to make a healthy correction, so difficult for alts to say as well what the next step will be. And the middle and the right we can see some short term top formation. So if the triangle on the right breaks, we should see a drop towards 95/96. Depending on the volume, the 91 could maybe have some meaning as well before the 84 comes in to play. The 104/106 seems to be a real resistance now as well, so when seeing some good volume breaking this resistance, we could see an attack of the 110/120 zone. This will be a very big level for Litecoin, but really needs some big volume.
Previous analysis:
Bitcoin is not making up it's mind to rally up or to make a healthy correction, so difficult for alts to say as well what the next step will be. And the middle and the right we can see some short term top formation. So if the triangle on the right breaks, we should see a drop towards 95/96. Depending on the volume, the 91 could maybe have some meaning as well before the 84 comes in to play. The 104/106 seems to be a real resistance now as well, so when seeing some good volume breaking this resistance, we could see an attack of the 110/120 zone. This will be a very big level for Litecoin, but really needs some big volume.
Previous analysis:
Note
Triangle support held, broke up but failed to go higher because lack of volume. This is usually a bad sign and shows intentions might be to the other side. Now that trend line has been crossed several times already, so not having much value at this point. We do have a clear support at 100 though. We have seen many bounces up from that level. If this one breaks, the 99/98 can also still give some support, but below this level there is a big chance that it's a gap until 95, which is a support up until the levels i mentioned above.So 104 failed to break yesterday, so if this level breaks later today, would mean that bulls are still in control and will probably take over again. Still weekend so a lot of fake moves on lower time frames. Think levels of value are 104ish, 102.5,100 and 98.5
Note
There is a small bull flag now in the making, if this holds and we see a break up, it could show some volume increase with this pattern. So at this point, still no rejection with this low volume. Which could be a sign that bulls might be still in control, or at least that bears are nowhere to be found. That danger does still remain though, as long as we don't see volume at some point, we could see something similar as last week with Bitcoin. That bears simply let them come towards them and take over.
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