LTC/BTC is one to watch
A quick review on LTC/BTC, we see that price seems to be,
(1) consolidating within the red Fibonacci band (short term)
(2) creating a large descending wedge (longer term)
Levels to watch for,
100 Day Moving Average (orange line) has proven to be key resistance on 3 occasions, which coincides with the 23% fib level. Inversely, 0.01600000 - 0.01580000 has proved to be a strong level of support as it approaches the 200 Day Moving Average (red line). As LTC trades within this band, i interpret this as a period of consolidation.
The bearish case for this would be for LTC to drop below the 200MA, close a strong candle, followed by a death cross (watch green line fall below red line) and capitulate downwards.
I would subscribe to the more bullish scenario for LTC to break out of its wedge, followed by a strong close above the 100MA - this would be a case for continued upward price action. Notice some bullish divergence on the MACD, and trading low on the Stoch RSI.
You may combine your analysis with the LTC/USD comparative.
*Not financial advice :)*
(1) consolidating within the red Fibonacci band (short term)
(2) creating a large descending wedge (longer term)
Levels to watch for,
100 Day Moving Average (orange line) has proven to be key resistance on 3 occasions, which coincides with the 23% fib level. Inversely, 0.01600000 - 0.01580000 has proved to be a strong level of support as it approaches the 200 Day Moving Average (red line). As LTC trades within this band, i interpret this as a period of consolidation.
The bearish case for this would be for LTC to drop below the 200MA, close a strong candle, followed by a death cross (watch green line fall below red line) and capitulate downwards.
I would subscribe to the more bullish scenario for LTC to break out of its wedge, followed by a strong close above the 100MA - this would be a case for continued upward price action. Notice some bullish divergence on the MACD, and trading low on the Stoch RSI.
You may combine your analysis with the LTC/USD comparative.
*Not financial advice :)*
Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.