Hello,
Let's talk today about BTC little brother : Litecoin (LTC)
Since July, LTC experienced a strong downward mouvement from 0.021 to a little less of 0.01.
On the 15th of August when LTC hitted 0.01 (a really strong support as we have seen several times in the past month), LTC generated a strong buy signals on my indicators and after testing this support for 3 day, it started to go up again.
LTC is actually inside a long term descending channel (black lines) and is following a short term uptrend line (blue line) with various resistance on the way up.
As shown by the indicator, LTC will soon go sideways or a little down in order to gather some strength before testing the top of the black channel. If we break the channel up, we may go to 0.0127 to next FIB resistance and maybe to 0.0146. But if we break the uptrend blue line down we may go back to test the 0.01 support.
Let's talk today about BTC little brother : Litecoin (LTC)
Since July, LTC experienced a strong downward mouvement from 0.021 to a little less of 0.01.
On the 15th of August when LTC hitted 0.01 (a really strong support as we have seen several times in the past month), LTC generated a strong buy signals on my indicators and after testing this support for 3 day, it started to go up again.
LTC is actually inside a long term descending channel (black lines) and is following a short term uptrend line (blue line) with various resistance on the way up.
As shown by the indicator, LTC will soon go sideways or a little down in order to gather some strength before testing the top of the black channel. If we break the channel up, we may go to 0.0127 to next FIB resistance and maybe to 0.0146. But if we break the uptrend blue line down we may go back to test the 0.01 support.