LTC is probably the most undervalued coin at the moment.
1) The halving event occurred in August 2023. The fact that the price is trading 20% below the halving price, despite BTC making yearly highs, is a joke.
2) The price is at the level of January 1, 2023. Now, almost at the end of 2023, the fundamental conditions are in no way similar to what they were at...
Open interest is struggling to catch up. Sign of exhaustion! I'm anticipating a correction to 0.6 fib level, or if we're lucky, we might test the support @ 0.436.
If the price manages to close above 0.94, I'd close my position.
High volume + open interest divergence is the perfect recipe for exhaustion. The recent rally was mostly short-covering hence why no significant uptick in O.I.
I anticipate a corrective move to the 0.5 fib level. If the price manages to close above 8.56, or if the O.I catches up, I'd close my position.
Price is rising while the O.I is dropping. Which means the recent rally was mostly short-covering/liquidation hunt.
Take profit is around 4.82. If the price closes above 5.7 with an Open interest of 2M or higher, I'll close my position.
The idea is the same as previous trades. We look for high volume with open interest divergence. ZEN has rallied with a decent volume, but O.I is not up to the mark. This suggests the recent rally was mostly short covering.
If we manage to close above 42.8 I'd close my short/ if the O.I catches up. Take profit is at 0.6 retracement of the current range.
Back to back high sell volume with a significant Open Interest drop, which tell us, the current upside move was mostly short covering.
I anticipate a corrective move to at least 50% retracement level of the current range. If somehow price closes above 0.96 on a 30mins tf I'd close my position.
