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LITECOIN (LTC/USD) - Possible Action Areas!The market has started a slight correction, a lot of altcoins and BTC has made some breakouts downwards. I would like to point out some areas from Litecoin chart, firstly a possible short-term(!!) bounce area around the $90. It has worked several times as a resistance and as a support level. Currently, it should start to work as a support and this area has offered a lot of action and bounces so, let's hope that the area can still deliver some action to us. A really bearish confirmation area is slightly under the $85. This red line is the last confirmed HL and if the Daily candle gets a close below of it then the mid-term market structure has changed into the bearish and it will give a push for further movements downwards. Feel free to support my effort by hitting the "LIKE", it is my only fee from You and it means a lot to me! Best regards!
by VaidoVeek
2
LTC TOO MUCH SIDEWAYS, ENOUGH!Litecoin is one of the strongest altcoins who has been really weak in the past period with its projects(Litepay) being failure. However lets not forget that it is still one of the strongest altcoins in the market and it is now in its buy zone. Since first of April Litecoin has triple topped at its Resistance(red area) area however since the third top it has more than triple bottomed at its Buy In Zone(blue area) and it is looking to get out of the retracement trend by forming a falling wedge pattern. For long term I would strongly recommend to buy short term I would recommend to wait a little more as my prediction is that its gonna hit the retracement wave once more and bounce back to buy-in zone after which we should see the breakout. STOCH RSI is heading down which means downward movement in the market possible however that is short term as the STOCH RSI is already in the oversold area and we should see buyer joining the market soon. Good Luck, Traders!
by farhadjafarov7
Some points on short-mid term LTC priceFirst notice that the RSI on the daily is looking for what seems to be a double bottom. Oversold conditions last time shot us from 100s to 175 max, so be on the watch soon. Overall still in a downtrend (dotted line on RSI), but maybe a double bottom like this is a sign of a near-future trend reversal?! (Please comment with your thoughts on my analysis with constructive criticism, it will help me learn!) Still looks like we are in a downward channel, with next strong support looking like low 100s again (I'm learning about making targets, so mine isn't exact, just nearby where I think it will go). P.S. Crypto hedge just tweeted his target is around 95 USD. soooooo, yeah I'll just leave that there. Still in a downtrend though. But those daily oversold bounces I think will help push us in an uptrend. Strong resistance around 180 (red solid line) and psychological resistance at 175.00 from last high. If we push through that on the next oversold bounce with sufficient volume I suspect we will have a nice reversal finally and begin moving upwards to an ATH, may take a few days though still or even weeks, sorry guys :( But hey, now is the time to accumulate and stock your bags. I'm getting rid of my HODL mentality and starting to trade with the tide a little more by selling and buying back a little lower, but still HODL most of my position so I don't lose out on much. A little more accumulation goes a long way in this market. I wish I had started selling and accumulating sooner, like when LTC was around 300 and confirming this parallel bearish channel. Now I feel more confident next time a bear market rolls around that I'll be able to see more signs. Never stop learning folks! See you on the moon. This isn't fin. advice, don't buy or sell based on what I say or place my targets at, because I don't even use my targets, I'm very conservative. P.S. I was practicing drawing an upward support line (black) so don't pay much attention to that.
COINBASE:LTCUSDShort
by jbutler7