Litceoin
LITECOIN LONGS 📉📉📉Expect bullish price action on this chart, price rejected 150$ area we have bullish momentum and BTC is rising.
Coinbase Adds Crypto-to-Crypto “Convert” FeaturesLeading U.S. exchange Coinbase has recently added a service that allows users from 35 countries to “convert” (trade) the listed cryptocurrencies against each other. Currently, Coinbase’s basket of digital assets is relatively thin but they plan to add more in the recent future or at least that’s what they have stated.
Also, U.S. customers now have the possibility to withdraw Fiat currencies directly into their PayPal account. Coinbase representatives revealed plans to expand this feature to other regions but the timeline is not yet set.
Litecoin has been one of the best performing coins, posting gains of almost 20% for the last 7 days, with most of those gains taking place over the last 2 days. Currently, Litecoin is trading just shy of 30 US Dollars and seems to be retracing lower after the strong climb that started near $23.
The 2 EMAs have crossed bullish and are pointing upwards, which is surely a bullish signal but now the RSI is moving lower after becoming overbought, which means that a bearish correction has already started. The target for this moves lower is 27.80 (zone, not exact level), where upside movement may resume.
Support zone: 27.80 and the 2 EMAs
Resistance zone: 31.30
Most likely scenario: the correction finds support around 27.80 – 27.00 and upside movement resumes
Alternate scenario: low volatility break of support followed by choppy movement
LITECOIN - IMPORTANT LEVELS TO LOOK AT, DAILY TIME FRAME!With Bitcoin plummeting, Altcoins are heading towards grave. That is why i have stopped using chart patterns for a while for altcoins because they are all so much dependent on Bitcoin. We all have been noticing that if BTC falls a few percent like 2-3%, altcoins take a way deeper dig to around 8-10% or so. So, it's better not to use traditional chart patterns since they won't come into fruition. So, i am trading raw just via using swing highs, lows, supports and resistances. I have marked everything on my chart, you can check it carefully.
Litecoin is currently hovering in the critical territory. If this level doesn't hold, then i am afraid that there's only 1 major support left after that in my opinion. Beyond that, it's a zone of free fall.
Alternative, if this levels holds then there a lot of scope on the upside. No need of marking these in between levels.
I'll keep updating this, as and when required.
P.S: This is not an investment advice. This is my personal journal. Invest your capital at your own risk.
Keep an eye out. Trade safely. Always remember, money not lost is also a profit.
Good luck trading.!
Peace.
