LITECOIN the dead coin or GREEN SOON? CHECK IT OUT!
Updated
Litecoin (LTC-USD) comes from a huge drop, we can see from charts that the 16th February peak was followed then by a catastrophic 7 months short, a descending triangle and a lack of volume makes it one of the worse runner..but it is maybe the time for a change?
The end of the game for the LTC may come sooner then expected, a recovery to the 82$ zone is possible, due to the latest Crypto market re-bounce, the descending triangle could be over and a nice pull out of the 50$ area due to momentum is the next opportunity for the bulls, the coin itself hasn't shown signs of improvement in the last months, it has some advantages over other cryptovalues and is traded on over 400 markets , making it a very popular coin..but for how long? is lifespam could be over and investor could decide to go for new projects instead..
would be very risky to open any long positions until proper confirmations of a trend change , that will occur if the support at 62 $ will sustain after the 80$ tap followed by a recovery price. RSI and other indicators shows already an oversold situation in middle of august, that makes the recovery from that areas possible but doesn't confirm the uptrend yet.
If the volume doesn't rise and the oscillators (rsi) confirm the overbought around the 80$ area in the next weeks there will be room for the bears, a dramatic continuations drop to the 30$ would be the consequences.
We will see in the next days if those days are back or is it really time to call it LITECOIN dead.
Hope this will inspire some new ideas, don't forget to hit the like/follow button if you feel like this post was helpful, that's the best way to support us and our work.
Happy trading days
C-Monkeys
The end of the game for the LTC may come sooner then expected, a recovery to the 82$ zone is possible, due to the latest Crypto market re-bounce, the descending triangle could be over and a nice pull out of the 50$ area due to momentum is the next opportunity for the bulls, the coin itself hasn't shown signs of improvement in the last months, it has some advantages over other cryptovalues and is traded on over 400 markets , making it a very popular coin..but for how long? is lifespam could be over and investor could decide to go for new projects instead..
would be very risky to open any long positions until proper confirmations of a trend change , that will occur if the support at 62 $ will sustain after the 80$ tap followed by a recovery price. RSI and other indicators shows already an oversold situation in middle of august, that makes the recovery from that areas possible but doesn't confirm the uptrend yet.
If the volume doesn't rise and the oscillators (rsi) confirm the overbought around the 80$ area in the next weeks there will be room for the bears, a dramatic continuations drop to the 30$ would be the consequences.
We will see in the next days if those days are back or is it really time to call it LITECOIN dead.
Hope this will inspire some new ideas, don't forget to hit the like/follow button if you feel like this post was helpful, that's the best way to support us and our work.
Happy trading days
C-Monkeys
Trade active
LTC : descending triangle on 1D charts confirmed if down the 50USD support
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