LITECOIN (LTC/USD) - Heading Back Into The Consolidation Box?!
Updated
Last week, Litecoin managed to break above the last major down-trendline, which is very good sign for LTC' but currently, the price got a bounce downwards from the strong area which is around 62!Several attempts now, and historically a strong area, has failed and we are heading into the consolidation box.
On the four-hour chart, the consolidation box upper line is supported also with different EMA's which all starts to works as the support levels.
To be bullish, firstly, LTC' have to find a support and first support is around $58, there are different timeframes EMA's and the consolidation box. If we get a bounce upwards from the mentioned level and we 'finally' break that $62 then the first target would be around $70.
There is the minor trendline and the round number, both of them starts to work as resistances. Above $70 is a pretty tough battlefield, there are weekly lows and weekly highs + monthly lows so, we would like to say that take Your profits out around $70 because those levels above that are tough to beat and You can find better coins!
If the price starts to drop we start to give to You bearish confirmation areas, to get fast updates, please hit the FOLLOW button and also hit the LIKE button to support us! Thank You very much!
Have a nice week!
On the four-hour chart, the consolidation box upper line is supported also with different EMA's which all starts to works as the support levels.
To be bullish, firstly, LTC' have to find a support and first support is around $58, there are different timeframes EMA's and the consolidation box. If we get a bounce upwards from the mentioned level and we 'finally' break that $62 then the first target would be around $70.
There is the minor trendline and the round number, both of them starts to work as resistances. Above $70 is a pretty tough battlefield, there are weekly lows and weekly highs + monthly lows so, we would like to say that take Your profits out around $70 because those levels above that are tough to beat and You can find better coins!
If the price starts to drop we start to give to You bearish confirmation areas, to get fast updates, please hit the FOLLOW button and also hit the LIKE button to support us! Thank You very much!
Have a nice week!
Note
Like we said if the price starts to drop we start to give to You support and confirmation areas. Currently, the price is on the counter trendline and it makes the third touch. If it breaks below that (looks like it breaks, because BTC is so weak)trendline then the major and the best reversal point would be around the last major down-trendline retest and the round number area ($50) crossing area. There You have to watch what BTC does and how the price reacts on the mentioned level.Critical scenario for Litecoin would be a candle close below the major down-trendline and below the 2018 low point. This is the zone where You want to consider to sell your LTC's but currently stay away from the market and be patient.
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