A look at the logarithmic chart of LTCHi guys,
I wanna try to share my thoughts on LTC with you. This is going to be a look at LTC for the next few weeks or possibly months - so lets get right into it.
LTC's logarithmic chart proved itself to be a very important aspect to look at when trading LTC. Back in 2017, various pumps of LTC (first pump to 100 and 200) were much easier to predict on the logarithmic chart - and I would argue that it still plays a huge roll when it comes to LTC's price development.
So - it turns out that LTC, even though it has broken the descending triangle on the normal chart, still currently IS moving in between the strong support level of 110 and the upper blue trendline - forming a huge descending triangle on the logarithmic chart. The support at the 110 to 100 levels seems to be pretty strong - especially when we look at how LTC behaved back at the beginning of April, when the whole market was bearish but LTC just hasn't been pushed down to the fibonacci retracement of 0.786 at about 106. 110 was holding strong - and I think it will do so again in case of a retest - especially when we rememer that huge pump on the 12th of April and how many people missed out on the opportunity. But the support area at about 110 to 100 is a very strong psychological support as well given the fact that 100 is one of the most important big evens that LTC has ever crossed.
The upper trendline on the other hand has been confirmed about 4 times now - the last time when LTC hit the 180 levels some weeks ago. It was quiet a shock for me to see LTC fall so quickly after it retested these levels. It only really made sense to me when I looked at the logarithmic chart and saw, that it actually retested the upper trendline unsuccessfully.
Seeing that LTC has been rejected so strongly at that trendline suggests that we might see lower levels again - especially since we broke 137 during the last few days and there ise no reasonably strong support until 110 that seems to be strong enough for LTC to bounce off and become bullish again.
I therefore expect a retest of the 110 area - and those are my entry levels. I would exit LTC completely when it breaks below the dotted blue trendling, since it is LTC's most important logarithmic trendline since mid 2017 that has never been seriously broken before (it can be easily spotted as well if you haven't already included it in your charts).
If we actually see a bounce at the 110 area, I see good reasons to be bullish on LTC for the coming months and at least for about the rest of the year 2018. The target should be the ATH, from where I would begin to set stop losses and continue to set them further up while riding the wave up to new highs.
Thoughts on the idea are appreciated.
LTC-USD
LTCUSD finish him...The moment of truth has come! LTCUSD near its strongest support! + is the moment of the decoupling of the triangle, respectively, according to all laws of trading must be repulsed and fly up ... but should it be?
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LITECOIN (LTC/USD) - BULLISH FLAG SETUP= ELEMONT FX =
Analysis:
- Litecoin has broken above a bullish flag pattern and is now retesting
- Volume has been decreasing during the price decline (bullish)
- A clean bounce off the pattern would confirm the beginning of a new leg up
- Keep an eye on key support levels
LITECOIN: Who Controls the Price - Bears or Bulls?The Litecoin is at the key area. The question is who will get control of the price at that support level, bears of bulls? There are two potential scenarios. If the support holds, it means the bulls are taking control of the price and more buying orders would be expected. If the price breaks that key level, then bears will push the price down and the previous buyers will liquidate their positions, which will create the additional selling momentum.
LTCUSD bounced nicely off its support!LTCUSD bounced nicely off its support at 156.23 (100% Fibonacci extension, 61.8% & 38.2% Fibonacci retracement, horizontal overlap support) where price could potentially bounce off again before rising to its resistance at 180.63 (50% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) bounced off its support at 12% where a corresponding rise could occur.
Litecoin (LTC) - Major Support Structure TradingThe price went down and bounced back again at support level (143). The Litecoin respected that level multiple times and it means that buying orders are placed at that area. The more buying momentum is expected, which creates the opportunity to go long.
LTCUSD HITBTC LONG and some thoughts about crypto perspectives So lets start with cursory review of period from 23 of April. So, currently we see correction after growth from 117 (second reversal level after the downtrend began in early 2018), hight of this growth is 167.292 and now we see cup with handle (low of the figure 143.248).
Lets take a look on the support and resistance levels. Currently we see very strong support line build from second of three corrections of downtrend after 167.292. So this resistance level confirm "cup" and coincides another support level (RED one). Also we see wedge, this one is not that good as it could be, but we currently left wedge and MacD show us a pretty good perspective of growth. 153.355 this is level we should pass to confirm growth up to 167.361.
So, i expect for a good future for a 2-3 days.
BTW, as for me, at all i think that we can expect for a growth of all crypo growth because today is the last day of April futures on CME and investors will calm their BTC on 5th of May. Also, in my opinion we can expect for a new volumes on cryptocurrency markets, i believe thats people will return for a crypto after early year downtrend.
I'am going to add more charts soon.
Stay tune!
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LTCUSD approaching support, potential bounce!LTCUSD is approaching its support at 109.600 (multiple swing low support) where a bounce may occur, causing price to rise to its 1st resistance at 136.839 (23.6% Fibonacci retracement, 38.2% Fibonacci retracement, horizontal overlap resistance). We have also identified another support level at 96.787 (61.8% Fibonacci extension).
Stochastic (34, 5, 3) is approaching its support at 7.5% where a corresponding reaction could occur.
We need to see a bounce here - otherwise .... Have a look at the 106USD - 100USD levels. If they break, we face a serious problem.
If we manage to bounce and gain some momentum to the upper side and break out of the triangle to the upper side, we may see a bullrun similar to last years spring bullrun.
LTC/USD double bottom and double bull patternNow we see how the second local bottom is formed, repeating the history of Bitcoin, and the bull patterns that are shown in purple and red lines are also pending completion, so beware, but also do not forget to use stop limits because the market is very speculative and unstable
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LITECOIN (LTC) - Support Becomes Resistance?!The LTCUSD moves sideways last few days and could not manage to break the support level at 157. However, there is a selling momentum at the moment, which may break this level and price may continue falling down. The best approach here is to wait for a strong bearish bar to consider it as a valid breakout and then sell.
LITECOIN (LTC) Breakouts - Opportunity to Go Long?There is an interesting setup on Litecoin H1 chart. The price reached the resistance level at 171 and it is considered as a valid breakout, because the bars closed outside of resistance zone. Then, it backtested back and went up. It means, the buyers got control of the price and the more bullish moves are expected. That previous resistance now acts as a support level again.
LITECOIN (LTC) Structure TradingThere is a potential opportunity for structure traders. There is the resistance level at 171. The price respected that level few times and it is more likely it will do again. We know the big orders usually are placed at those areas and I expect the sellers are ready to step once it reaches the red box.