ETH/USD - Levels To WatchWhat's up traders, I hope you are all having a good start to the trading week.
Here we are analyzing ETH/USD on the 4H chart.
Ethereum is currently in a downside correction move. Price recently has been trading within a descending structure, with the latest peak at 862, before a big breakdown. With this, there was also resistance found from the 200 and 50 moving average, which coincided very well with Ethereum, and even if Ethereum was strong itself, the technicals were no match when they are of this caliber. A resistance structure with an exact match with the major long term moving averages is a might resistance.
Ethereum is currently trading at 780, which directly coincides with a horizontal support zone. Price may well find support here at this level and find some upside, which I would expect to hit the high point of the side-wards resistance line at 830, before hitting the major resistance again and likely breaking down to the lower support level of 580. Price may well hit the resistance at 830 and then come back into current support and find bullish momentum, but there would have to be a significant amount of bullish participation for this to happen.
Price is likely to have a correction for the time being and remain weak. Price is at the mercy of very strong technicals, and this shall continue into the meantime.
After the corrective move has finished, I am expecting Ethereum to find some upside, probably to the current support, which would turn resistance, at the current price of 780.
Bare in mind, that a lower retest would actually be GOOD. Because resistance is so significant, any up moves are likely not real and will put people in costly bull traps.
I will update this analysis when I receive above 40 likes.
Tomprotrader
LTC/USD - Trading OpportunitiesWhat's up traders, I hope you've all had a successful trading week!
Here we are analyzing LTC/USD on the 4H chart.
As you all know, I have been keeping a very close eye on all the major market cap cryptocurrencies recently. Now we are back to Litecoin. Price has been trading in a relatively right consolidation zone since price rallied and peaked at 237 on the 15th February.
At present, price is trading at 205, whilst sitting on a side-wards support line. Price has been bullish since it left the major horizontal support zone at 184, but has since consolidated and in the short term, is showing signs of weakness. In light of this we have 2 things to consider. Can price support on the side-wards support line at 205? Or will it break and fall to the horizontal support level at 184? The way it looks now, the bias is the 184 support zone, but let's trade what we SEE and not what we THINK. If price reverses on the side-wards support level I would not hesitate to buy into Litecoin at all. If it breaks, I'll just wait for the retest at lower levels.
In the longer term, price will eventually carry on it's upside momentum, breaking out of the peak consolidation at 225. If price breaks above 225, then it has broken the consolidation range it is in, and this will confirm the horizontal support level or the side-wards support line are in play and the upside is then very likely to break out and hit the upside target of 250.
I am expecting Litecoin to hit 250 eventually. I think before we hit this level, Litecoin has some work to do with the structure I have mentioned above. Once these levels have been tested and proven, then we can look for a buy signal. We could have a small pullback after breaking the consolidation level at 225 which will then allow a safe entry into this trade. Once a retest of this level succeeds, I would expect Litecoin to be able to hit the target zone relatively uninterrupted.
Bare in mind, that I'm expecting more upside in the longer term regardless of how price behaves.
I will update this analysis when I receive above 40 likes.
BTC/USD - Buy Opportunity IncomingWhat's up traders, I hope you are all having a good start to the trading week.
Here we are analyzing BTC/USD on the 1D chart.
As you all will know, we keep a very close on Bitcoin, and have been posting many analysis in relation to it. I congratulate everyone who has been following all my Bitcoin analysis as of recent times, as you would have been in the right direction of the market every time. I am glad to be able to be a one stop shop for you guys and show you the true market conditions in my analysis!
Bitcoin is currently trading at 11298, which is the peak of a breakout that started on 26th February with a morning star signal at 9580. Price is currently at the peak of the swing leg, which coincides with a previous peak on 20th February, and I am expecting the current leg to behave in the same way as the previous, and have a corrective move to the downside.
Price is likely to have a correction at current levels. Price has hit a peak and a double top type scenario, and I am expecting a corrective move down to the side-wards resistance turned support line, and Fibonacci retracement support at 9180.
After the corrective move has finished, I am expecting Bitcoin to resume it's uptrend, eventually hitting our target zone at 17970.
Bare in mind, that a retest is very good for creating a new position, as well as keeping an old one.
I will update this analysis when I receive above 40 likes.
BTC/USD - Breakout Buy OpportunityWhat's up traders, I hope you are all having a good start to the trading week.
Here we are analyzing BTC/USD on the 1D chart.
We have been keeping a close on Bitcoin recently, as price has recovered well since it's lows on 6th February at 6000.
At current, price is trading at 10651, significantly higher than my last analysis. Price had a correction after hitting side-wards resistance on 20th February at 11780.
Price will now likely carry on it's upside momentum to at least the daily side-wards resistance line at 11100. If price breaks this level, we should watch for a retest of the side-wards resistance turned support before watching for a new buying opportunity. If you are already holding Bitcoin, the I suggest you do so until we hit the resistance. If it breaks down at the side-wards resistance level, then take profits.
I am expecting Bitcoin to hit the side-wards resistance at 11100, have a small pullback, before picking up the necessary momentum to break out of the resistance structure. When this happens I am expecting a nice breakout move where we can expect to see Bitcoin hitting highs of around 16800 in due course.
Bare in mind, that I'm expecting more upside in the longer term regardless of how price behaves at the side-wards resistance.
I will update this analysis when I receive above 40 likes.
XRP/USD - Buy OpportunityWhat's up traders, straight into the analysis!
Here we are analyzing XRP/USD on the 4H chart.
We have been keeping a close eye on Ripple recently, as price has been making a nice recovery to the upside since the lows on 6th February at 0.5700.
At current, price is trading at 0.90010, whilst sitting on a very nice support zone. Price has been bouncing on and around the support zone for some time now, and soon enough I am expecting a breakout to the upside.
Price will eventually carry on it's upside momentum, breakout out of the horizontal support range sufficiently. If price breaks above 0.9770, then it has broken the consolidation range it is in, and this will confirm the horizontal support level was in play and the upside is then very likely to break out and hit the upside target of 1.1930.
I am expecting Ripple to be impulsive until hitting the resistance zone/target zone at 1.1930. We could have a small pullback after breaking the consolidation level at 0.9770 which will then allow a safe entry into this trade. Once a retest of the consolidation zone has occurred, Ripple will be able to move to the upside uninterrupted.
Bare in mind, that I'm expecting more upside in the longer term regardless of how price behaves.
I will update this analysis when I receive above 40 likes.
ETH/USD - Buy OpportunityWhat's up traders,
Here we are analyzing ETH/USD on the 4H chart.
I recently analyzed this pair in an earlier analysis. Now the pair is looking bullish at a nice level, I would like to reanalyze this chart.
At current, price is trading at 858, price broke out today after using the 20 moving average as a slingshot, suggesting that the bullish presence we are now seeing is legitimate. Even further that this happened on a higher low on a side-wards support line.
When analyzing the chart again, I discovered a nice side-wards support line which today is at the value of 830. I suspect that ETH/USD will likely retest this side-wards support level before an up move. If price breaks below this level, there could be a retest of the lower horizontal support at 790 first before the up move begins.
Price will now likely test the side-wards support at 830 or at worst 790, but this isn't a deal breaker either way. Coupled with the fact that a retest would again coincide with the moving averages, this could provide a compelling support where once again the big money would be looking to speculate and accumulate.
Bare in mind, if it comes lower than 790, I doubt there would be much bull presence for a little while after.
As I've said before: Also bare in mind that Ethereum is one of the most efficient safe haven currencies. So if you have a low amount of cash, Ethereum 2.28% 1.54% is your best bet for safety and simultaneous profitability.
I will update this analysis when I receive above 40 likes.
BTC/USD - Levels To WatchWhat's up traders, I hope you are all having a wonderful weekend.
Here we are analyzing BTC/USD on the 4H chart.
I posted a BTC/USD analysis a week ago, and the dynamics of the trade have changed. So I am eager to update this analysis.
At current, price is trading at 9580, after a corrective down move after a peak at 11780, which was the horizontal resistance zone.
Price will now likely test the side-wards support at 9420. Coupled with the fact that price will likely test the major moving average support at 9750. If it retests this level on a higher time frame with a reversal candle, this is the perfect entry point.
I am expecting Bitcoin to retest the side-wards support at 9420 at least. There is also the possibility it can break this level, as well as the moving average support, and break down further to lower support at 7990.
Bare in mind, that I'm expecting more upside in the longer term.
I will update this analysis when I receive above 40 likes.
XRP/USD - Approaching Buy OpportunityHi traders, I hope you all had a wonderful weekend.
Here we are analyzing XRP/USD on the 4H chart.
XRP/USD has been in a small corrective move after a big up move which had a high of 1.2115 before the downside began. Price recently found support at 0.9770 and I expect this to be a possible buy zone.
I believe price will pick up momentum to the upside. Price had an initial low at 0.8990, and is since trying to make a break higher. Price is trading above a horizontal resistance which has now turned support, and as it stands there is a reversal candlestick on the horizontal support at 1.0050. This support zone could be the beginning of the up move.
If price fails at the above support zone, then price may fall and then test a lower support horizontal support zone at 0.6500. But, judging by the momentum now, I expect this scenario to be unlikely.
I am expecting Ripple to continue with the current upside momentum, and I am eventually expecting that Ripple will pick up upside momentum and hit the upside target of 1.2150 in the short term.
This trade could play out in 2 ways, I have outlined these below:
-Price bounces at the current horizontal support at 0.9790, and then uses it as a launch pad to hit the upside target of 1.2150. With this scenario the move probably will not be straight up, there is likely to either be a: retest of the support zone, or a corrective pullback higher up in the up trend. Either way, the target above is likely to be hit.
-Price tests the current horizontal support level at 0.9790 and then rolls over, breaking below the middle support zone to the lower support zone at 0.6500. If it breaks the middle support at 0.9790 it doesn't necessarily mean it will tank to 0,6500, but it does show a longer term weakness in the pair and shows the recent corrective move might be voided, and will create a volatile market.
Bare in mind that seeing a retest at horizontal support at 0.6500 would be an awful test.
If price retests the lower support, it will still bounce and go to the upside, but it is less likely. The first scenario above is the ideal one for Ripples best outcome. For this trade, and for the long term health.
I will updating this analysis if it exceeds 40 likes.
LTC/USD - Continuation Buy OpportunityWhat's up traders, I hope you have all had a good start to the trading week.
Here we have LTC/USD on the 1D chart.
LTC/USD has been in an up move. Price broke a side-wards resistance on 14th February at 163.23 and has been trading upwards since.
Price is picking up more momentum to the upside. Price had a small pullback but is since recovering. Price is currently trading above a side-wards support level and just above the 50 moving average.
I am expecting Litecoin to continue with the current upside momentum, but I would prefer to see a test on the side-wards support at 199.30 or a slight steeper retest to support on the 50 moving average at 197.30. If price hits the 50 moving average and then has a candlestick reversal signal with the candle body closing ABOVE the side-wards support level, this would be a great buying opportunity based on momentum.
Bare in mind that seeing a retest at horizontal support at 199.30 would be a fantastic time to consider a new entry into the market.
If price retests the lower support of the 50 moving average, it is strongly preferred that is also has a good candlestick setup coinciding with it, to support the fact that momentum is favorable at the support level that we are most interested in.
I will updating this analysis if it exceeds 40 likes.
ETH/USD - Watch For Another BuyWhat's up traders,
Here we are analyzing ETH/USD on the 8H chart.
I recently analyzed this pair in an earlier analysis. Now the dynamics of the trade have changed I am eager to show the current forecast for the pair.
At current, price is trading at 927, price broke out after supporting on the 20 and 50 moving average, suggesting that the bullish presence we are now seeing is legitimate. Even further that this happened on a higher low.
When analyzing the chart again, I discovered a nice side-wards support line which today is at the value of 875. I suspect that ETH/USD will likely retest this side-wards support level before an up move. If price breaks below this level, there could be a retest of the lower horizontal support at 550 in the longer term before the upside. I hope we do not see the second scenario.
Price will now likely test the side-wards resistance as a new support, but this isn't a deal breaker either way. Coupled with the fact that a retest would again coincide with the moving averages, this could provide a compelling support where once again the big money would be looking to speculate and accumulate.
Bare in mind, if it comes into the lower horizontal support at 550, I doubt there would be much bull presence after.
Also bare in mind that Ethereum is one of the most efficient safe haven currencies. So if you have a low amount of cash, Ethereum 1.54% is your best bet for safety and simultaneous profitability.
I will update this analysis when I receive above 40 likes.
XRP/USD - Buy OpportunityWhat's up traders,
Here we are analyzing XRP/USD on the 8H chart.
I posted a XRP/USD analysis around a week ago, and the dynamics of the trade have changed now, hence I am eager to update this idea.
At current, price is trading at 1.1290, supporting on the side-wards resistance and 20 moving average, with the 20 moving average above the 50, suggesting a legitimate bullish presence.
Price will now likely test the moving averages and use them as a new support level . Coupled with the fact we have the side-wards resistance turned support, we could see price to to upside target of 3.1730
I am expecting Ripple to recover lost ground now as the trend is having a legitimate turn.
Bare in mind, that I think Ripple is going to have an absolutely outstanding year, and I think it has the real possibility of outperforming other high market cap Cryptocurrencies.
I will update this analysis when I receive above 40 likes.
BTC/USD - Further Upside PotentialWhat's up traders,
Here we are analyzing BTC/USD on the 8H chart.
I posted a BTC/USD analysis a week ago, and it has all gone perfectly to plan so far, thus I am eager to update this idea further.
At current, price is trading at 10540, after a breakout move ignited by a support on the 20 and 50 moving average.
Price will now likely test the horizontal resistance zone, and the 200 moving average at 10520. Coupled with the fact that price will likely test the side-wards support and coinciding moving average support at approximately 9700.
I am expecting Bitcoin to remain impulsive for the time being. There will be corrections along the way but ultimately price will likely see price at around 17000. This however, could take some time.
Bare in mind, that I'm expecting a long term increase in Bitcoin over time. My arrows on the chart don't represent the longevity I would expect for target to be achieved.
I will update this analysis when I receive above 40 likes.
LTC/USD - Levels To WatchWhat's up traders,
Here we are analyzing LTC/USD on the 12H chart.
LTC/USD is very bullish, having recently broke side-wards resistance structure at 162 after a long term downtrend.
At current, price is trading at 210, price broke out yesterday after supporting on the 20 and 50 moving average. This suggests to me that the moving averages were supported on after a higher low, and a breakout ensued. If this wasn't the time for you to realise there was an uptrend, now is.
Price will now likely test the side-wards resistance at around 150 as a new support, this isn't a deal breaker either way. The retest would likely see the horizontal support, the side-wards support, and the moving average supports all tested at the same time, which would be an excellent launch pad for prices to go higher into the future.
I am expecting Litecoin to come down lower, and begin picking up momentum again towards the target zone at 370.
Bare in mind, that I am predicting a longer term bull presence, this is not short term in my professional opinion.
Also bare in mind that price is likely to sustain highs in Litecoin due to the new Litepay, and when the hype is done, it could begin to "fade" to a mean reversion zone, to correspond (In average) with the other cryptocurrency asset prices.
I will update this analysis when I receive above 40 likes.
ETH/USD - Becoming BullishWhat's up traders,
Here we are analyzing ETH/USD on the 4H chart.
ETH/USD has picked up some bullish momentum, since breaking out of a side-wards channel resistance at 848.
At current, price is trading at 930, price broke out after supporting on the 20 and 50 moving average, suggesting that the bullish presence we are now seeing is legitimate. Even further that this happened on a higher low. This is the first sign of an uptrend forming and this is where the institutions and big money would be participating.
Price will now likely test the side-wards resistance as a new support, but this isn't a deal breaker either way. Coupled with the fact that a retest would again coincide with the moving averages, this could provide a compelling support where once again the big money would be looking to speculate and accumulate.
I am expecting Ethereum to recover lost ground now as the trend is having a legitimate turn.
Bare in mind, that I am predicting a longer term bull presence.
Also bare in mind that Ethereum is one of the most efficient safe haven currencies. So if you have a low amount of cash, Ethereum is your best bet for safety and simultaneous profitability.
I will update this analysis when I receive above 40 likes.
LTC/USD - Trading OpportunitiesWhat's up traders,
Here we have LTC/USD on the 4 Hour chart.
LTC/USD has been in an up move for some time. Price has been making higher highs, most recently at 151.
Price is picking up momentum to the upside. Price had an initial low at 105.20, and is since recovering. Price looks strong and expecting to see the highs soon.
I am expecting Litecoin to continue with the current upside momentum, and I am expecting a move to at least 196. It could either break out now, or hit the target in the longer term.
This trade could play out in 2 ways, I have outlined these below:
-Price continues it's strong momentum to the upside, and hits the upside target at 196 in one strong swing move. Bare in mind however, that there would be at least a correction after the initial breakout of side-wards resistance around 157 before the up move commences.
-Price retests the side-wards resistance turned support at around 157 after the move begins. This is not before having a retest at the lows with the horizontal support zone at 107.
Bare in mind that seeing a retest at horizontal support at 107 it shows there's a lot of bears. II don't want to see this happen.
I will updating this analysis if it exceeds 40 likes.
BTC/USD - Confirmed Buy OpportunityWhat's up traders,
Here we are analyzing BTC/USD on the 4H chart.
I posted a BTC/USD analysis a week ago, and the dynamics of the trade have changed now, hence I am eager to update this idea.
At current, price is trading at 8520, supporting on the 20 moving average, and the 20 moving average is above the 50, suggesting a legitimate bullish presence.
Price will now likely test the moving averages and use them as a new support level. Coupled with the fact we have a minor structure support, we could see price go to the upside target at 12130.
I am expecting Bitcoin to recover lost ground now as the trend is having a legitimate turn.
Bare in mind, thatI am predicting a longer term bull presence.
I will update this analysis when I receive above 40 likes.
XRP/USD - Buy OpportunityHi traders, I hope you all had a wonderful weekend.
Here we have XRP/USD on the 4 Hour chart.
My closed group has been in this trade already for some time, with over 10% profit so far. With this in mind, I decided to share the chart on Tradingview, as I find Ripple highly interesting at the moment.
XRP/USD appears to be in an up move. Price has recently had a higher low at 0.8940, and has picked up momentum since.
Price is picking up momentum to the upside. Price had an initial low at 0.5870, and is since recovering. Price is trading above a resistance line turned support. Once the side-wards resistance line is tested properly, I am expecting some nice upside potential.
I am expecting Bitcoin 4.56% to continue with the current upside momentum, and I am expecting a move to at least 1.6080. It will move further if the side-wards resistance turned support holds without a lower swing retest.
This trade could play out in 2 ways, I have outlined these below:
-Price continues it's strong momentum to the upside, and hits the upside target at 1.6080 in one strong swing move. Bare in mind if this does happen it is extremely likely that price will once again be going back into higher levels, and would show a significant change of investors sentiment in Cryptocurrency as a whole, and prices returning to their higher levels would be extremely likely.
-Price retests the side-wards resistance turned support at around 0.8840 before the up move begins.
Bare in mind that seeing a retest at horizontal support at 0.5800 would not be a good test.
If price retests the lower support, it will still bounce and go to the upside, but it is less likely. The first scenario above is the ideal one for Bitcoin's best outcome.
I will updating this analysis if it exceeds 40 likes.
ETH/USDT - Trading OpportunitiesHello traders,
Here we have ETH/USDT on the 8H chart.
ETH/USDT has been trading the downside considerably after a peak ignited a correction of the 29th January. Price has recently been trading within a structure since between a side-wards resistance line at 1034 (at current levels), and a horizontal support level at 566, that is still in to play.
Price has bounced on horizontal support. Price has had a clear higher high, and looks like it is impulsive.
I am expecting Ethereum to begin an up move. Before this it's highly likely that price action will retest the horizontal support zone at 580.
This trade could play out in 2 ways, I have outlined these below:
-Price has an impulsive up move to the side-wards resistance to 1034 in one swing move. When it does, it could break out of the resistance, and use it as a new support, before rallying to the upside target at 1440.
-Price finds resistance at current levels (Resistance on the 20 moving average), and retests the horizontal support zone at 566, before eventually finding more momentum to the upside, hitting resistance target, or perhaps the extended target zone at 1440.
Bare in mind, that a retest of horizontal support zone would show less momentum than I believe is ideal for the target zone move to 1440. If price breaks out of resistance and retests it as support, it is EXTREMELY likely that the target zone to 1440 could be achieved.
If price resists on the 20 moving average and retests the support, this might show short term weakness yet again.
BTC/USD - Watch For A BuyHello traders,
Here we have BTC/USD on the 4H chart.
BTC/USD has been trading the downside considerably after a peak ignited a correction of the 16th January. Price has recently been trading within a structure since between a side-wards resistance line, and a horizontal support level that has recently come into play.
Price has bounced on horizontal support. When price was testing the support previously it was making lower highs. But on the last retest of support on 6th February, it is having clear a higher high, which indicates bullish momentum. The side-wards line is very likely to be retested as support.
I am expecting Bitcoin to begin an up move. Before this it's highly likely that price action will retest the side-wards resistance line as a support at 6610 before the up move begins.
This trade could play out in 2 ways, I have outlined these below:
-Price successfully breaks out, and retests the side-wards resistance line at 6610. Price then has an up move to the target zone at 12110.
-Price breaks impulsively to the upside. It ignores structure retesting and goes to the upside target at 12110.
Bare in mind, that a retest of side-wards resistance turned support makes this trade significantly more reliable.
If price retests the side-wards resistance turned support and breaks about the 20 moving average before correcting, this is an impulsive state.
BTC/USD - Buy OpportunityHi traders, I hope you're all having a good weekend.
Here we have BTC/USD on the 8H chart.
BTC/USD appears to be in an up move. Price recently broke down and hit the lowest low on 2nd February, and price hit 8012 at this point. Since hitting this low, price has had some upside since.
Price is picking up momentum to the upside. Price had an initial low at 8012, and is since recovering. Price is trading under a side-wards resistance line which at current levels is at 10760. Once the side-wards resistance line is broken, I am expecting some nice upside potential.
I am expecting Bitcoin to continue with the current upside momentum, and I am expecting a move to at least 10760. It will move further if the side-wards resistance line is broken and is tested as a support.
This trade could play out in 2 ways, I have outlined these below:
-Price continues it's strong momentum to the upside, and hits the upside target at 10760 in one strong swing move. Bare in mind if this does happen it is extremely likely that price will once again be going back into higher levels, and would show a significant change of investors sentiment in Cryptocurrency as a whole, and prices returning to their higher levels would be extremely likely.
-Price retests the horizontal support zone at around 10760 before a retest to the side-wards support zone at around 9200 before the up move begins, where we will hit the upside target of 13100.
Bare in mind, the first scenario above is preferred to the second. A straight breakout of the side-wards resistance and a retest as a new support would show a huge change of ideology in the market, and the markets could legitimately see some stellar upside.
If price retests the lower support, it will still bounce and go to the upside, but it is less likely. The first scenario above is the ideal one for Bitcoin's best outcome.
I will updating this analysis if it receives more than 40 likes.
ETH/USDT - Buy OpportunityWhat's up traders,
Here we have ETH/USDT on the 4H chart.
ETH/USDT appears to be holding bull momentum despite the large down move across Cryptocurrency as a whole. In light of this, Ethereum is now a good buy opportunity as not only a safe haven for your capital, but a good potential upside move.
Price is picking up momentum to the upside. Price recently hit a bottom at 775 on the 17th January. Since then, price has been having successful higher lows, despite poor market conditions.
I am expecting Ethereum to pick up momentum after the bounce on the side-wards support zone at 1087 which was just hit earlier.
This trade could play out in 2 ways, I have outlined these below:
-Price finds support at the side-wards support level at 1087 (at current levels) and bounces to the highs with an impulse leg. If this happens, the upside target is 1370 which corresponds with all time highs.
-Price loses momentum inbetween the horizontal resistance at 1370 and the horizonal support at 927. If this happens, price may break the short term side-wards support line at 1087 for the downside retest. When this happens price then bounces on the lower horizontal support at 927 and then bounces to the upside to the upside target of 1370.
Bare in mind, the first scenario is strongly preferred to the second. If price hits the bottom horizontal support at 927, it is extremely unlikely it will reach the upside target of 1370 anytime soon. The first scenario offers a fantastic opportunity to not only long for profit, but also to hedge against losses in the markets.
I will updating this analysis if it receives above 40 likes.
XRP/USDT - Buy OpportunityWhat's up traders,
Here we have XRP/USDT on the 1H chart.
XRP/USDT appears to be supporting after a corrective down move. Price has recently been trading within a rangebound structure between a horizontal resistance at 1.4040 and a support zone at 1.0830.
Price is picking up momentum to the upside. Price a bottom on the 31st January and since then it has been having more upside on the hourly chart.
I am expecting Ripple to pick up momentum after the bounce on the horizontal support zone, and a move up to the horizontal resistance zone at 1.4040.
This trade could play out in 2 ways, I have outlined these below:
-Price finds support at 1.0830, and continues to pick up momentum after the breakout, creating an impulse leg that will reach the horizontal resistance level at 1.4040.
-Price breaks out of the support zone, and retests it once again, creating a double bottom pattern before the upside begins. This scenario is preferred due to the fact a double bottom after so much down pressure would show the bulls are participating now just impulsively, but continuously.
Bare in mind, the second scenario is preferred to the first. If price manages to retest the horizontal support again at 1.0830 first, it will be preferred because the up and down moves across have been so sudden and sharp. A double bottom will affirm that there is longer term bullish participation in the pair.
I will updating this analysis if it receives above 40 likes.
LTC/USD - Trading OpportunitiesWhat's up traders,
Here we have LTC/USD on the 1H chart.
LTC/USD appears to be supporting at a local horizontal support zone at 175.30. Price has recently been trading within a rangebound structure between a horizontal resistance at 193.10 and a horizontal support at 164.20.
Price is picking up momentum to the upside. Price had an initial low of 164 on the 26th of January January, and since then there has been higher lows in the pair. It looks like the entire Cryptocurrency market as a whole has bullish potential after having a lot of downside days.
I am expecting Litecoin to continue with it's current momentum, and hit the horizontal resistance level which is the target zone, at 193.80.
This trade could play out in 2 ways, I have outlined these below:
-Price finds support at current levels at 178, bounces, and then licks up bullish momentum and hits the horizontal target zone at 193.80.
-Price tests the current horizontal support level and fails, and breaks down further to the lower support zone at 164.80. Once we bounce, price will then begin its upside move to the upper horizontal target zone at 193.80
Bare in mind, the first scenario is preferred to the second. If price manages to break down to the lower support zone it will be much less likely that the upper target of 193.80 will be hit due to the fact there would need to be significant bullish participation in the pair in order to have the buy opportunity.
A test of the lower support however, does show that a significant amount of bears will have been wiped out of the market, this could be good for Litecoin in the long run. I can say this with logic and confidence, because it is already clear the Cryptocurrency market as a whole is significantly improving. So with the bears being wiped out at an old structure level this would mean that the bulls would be free to rally the pair with a fair amount of ease.
I will updating this analysis if it receives enough attention.