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LTC/USDT: Daily Breakout Analysis 1D (Aug. 01)X Force Global Analysis: If you find our analyses to be helpful, make sure to support us by dropping a ‘like’ In this analysis, we explore Litecoin's daily chart in order to assess its breakout pattern and potential targets by identifying resistance zones and using the Elliott Wave theory. Analysis - To begin with, Litecoin has broken out of a bullish descending wedge formation, similar to EOS - Litecoin has been consolidating within this pattern for weeks before breaking out with immense bullish momentum - The Exponential Moving Average (EMA) Ribbon shows a golden cross as Litecoin broke out - Counting Elliott Waves, we can see Elliott Impulse Waves (12345) leading up to the descending wedge - Within the wedge pattern, it consolidated in Elliott Triangle Waves (ABCDE) - Having broken out from the pattern, it's anticipated that Litecoin would form bullish impulse waves once again - While the trend is extremely bullish, there are some concerns as well - Litecoin faces major historical resistance around 63.13 USDT - The Relative Strength Index (RSI) is also extremely overbought - The Moving Average Convergence Divergence (MACD) shows decreasing bullish histograms as it looks to potentially form a death cross What We Believe While the outlook on Litecoin remains bullish, based on current technicals, a small corrective wave is highly probable, considering the steepness of the rally. However, we believe that the bullish trend will remain intact, given that the degree of correction is not too severe. Let us know what you think in the comment section below Trade Safe.
Long
by XForceGlobal
2
LTCUSD long term weekly view ideaI believe we are breaking out of a long term trend line starting at the high of 146 on June 17th 2019 in this weekly candle depending on where it closes in six days, also the blue shorter term trend line stemming from the two wicks @ the highs 50.96 on April 27th 2020 and the wick on June 1st 2020 @49.90. To really confirm a breakout we not only have to close the weekly outside of the long term trend line but also not get rejected from the blue trend line, which if we tested this week would be at 48.87. A confirmed break above that level as well as the long term trend line and i will have my target set for 80$ with a hopeful retest of 64$ before a continuation. This is all subject to change depending on where this weekly candle closes.
COINBASE:LTCUSDLong
by cstevens97
Litecoin LTC Breaking outLTC is set for a big run both technically and fundamentally. LTC is not far off its low at this point and looks like a sleeping giant. Everyone talks about ETH and its true Ethereum is a juggernaut and will see significant upside. Litecoin is flying under the radar. This setup is ripe. Litecoin anywhere under $50 is an easy 2x in 3 months with the possibility of 3-4x. Litecoin blazes the trail for Bitcoin. One weekly close above the 200 EMA is all it will take for this one to 2x and then some. Litecoin could have an explosive rise in August. How I plan to trade this... Look for the Metroyska doll style nested H&S formations. Buy on the neckline on the way up and sell on top of the shoulder on the way down. The stage is set for 3 jumps up and based on past performance 3 down. Stick to the daily charts and longer time frame. I will post another chart in the future detailing this. Enough of the technical lets look at whats coming. One word "MimbleWimble" The groundwork has already been laid for implementing this hot new security protocol. In order to get there the project team needed to update the core code as well as the lightning network code. Both of these tasks are completed, in production environment, and running smoothly. The team is looking to release an update to the test network in September. Take a look at the new articles linked below for more details. litecoin.com litecoin.com litecoin.com
KRAKEN:LTCUSDLong
by Ursinae