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Supportandresistanxe

Litecoin: 48 And 56 Key Levels For Profit Taking?Litecoin update: I have to give credit to Andrew on this one because he has been calling this long in our chat room since it broke the 34 resistance. And now that Bitcoin has spiked higher (our first profit target at 3825 was reached), Litecoin appears to be on the move again. Andrew actually shared some valuable insight around the higher low and break of the 41.89 level as well for a continuation trade. For those who missed this, now is NOT the time to start buying, especially for short term swing trades. The 48 resistance if anything is a level to lock in profits. The other factor to be aware of is: there is a potential double top formation here. If Bitcoin starts lingering again, LTC is in a position to fake out. That does not mean that it will, it is just that the reward/risk is no longer favorable like it was at lower levels. The next key resistance is the 56 area which is what we are considering as a target when the next long setup appears. Overall, I can't say it enough times: PATIENCE PAYS. All during the bearish environment we were extremely conservative, very selective with our trades and MISSING out on some small moves while avoiding persistent losses. Now as the environment improves, we are in position to profit, not climb out of a hole.
BITTREX:LTCUSD
by MarcPMarkets
2
ETHUSD: Close Below 300 Points To 250 Support.ETHUSD update: This market has performed the weakest during the recent bout of bearish order flow. The resulting structure points to a higher chance of lower prices. How low? A close below 300 increases the likelihood of testing the 250 area. Keep in mind, BTC is holding up so far. At S.C., we have been monitoring it carefully and have identified a new swing trade long possibility in another alt as a result. We aim to capitalize on the short squeeze if the market presents the opportunity. Andrew published an insightful article recently that presented a comparison of the alts that are on our inventory radar. ETH was clearly an under performer relative to its peers and this affects our decision making over the short term. IF BTC retests 6K or lower, this market is poised to get hammered hard. Current structure points to further weakness which could compromise the 300 psychological support. The 300 level carries a lot of weight for a number of technical reasons. One reason is it's the lower boundary of the largest magnitude .618 support zone (not on chart for simplicity). This equates to the 4980 level on BTC. If price decisively closes below this level, 250 becomes a distinct possibility. The relevance of the 250 area dates back to 2017 when a broad consolidation developed around there. This would be the next area to anticipate stability if 300 is cleared. In summary, when positioning for a bounce, the markets to be in are the ones that got beat up the least. ETH certainly does not fit that criteria. Since we do not short, there is nothing to do but avoid until strength returns. We remain long term bullish on BTC and plan to keep ETH on the radar. We still believe in the merit behind this coin but when the technicals say avoid, we have no problem putting our opinions aside. We will simply hold our inventory and wait for a more favorable environment. If BTC is going to recover, we want to be in the coins that have the greatest potential. We always talk about how opportunity lurks around the ugliest prices, but there does come a point where your resources are better utilized in markets that are much less ugly. When this market stops under performing, we will have no problem continuing our operations. We respect the market and will let it tell us when the time is right.
BITFINEX:ETHUSD
by MarcPMarkets
6