Let's take a look at the four-hour chart. After watching LTC last night, we see that, after breaking through the symmetrical triangle and even closing above it, resistance has held us back from pushing further. I still hold strong to that $272 (at the very least) off this bounce from the symmetrical triangle within time. However, I had briefly forgotten about the resistance from the previous down trend at ~$250. This can be seen at the horizontal dotted pink line. Also, after looking at the Fibonacci Retracements of the inverse head & shoulders, I see that resistance is also met there because of the 1.618% mark, representing the summation of each number in the Fibonacci sequence being divided by the previous one. Seeing this, it looks like we have pretty major resistance at this $250 mark. Passing it would likely be extremely beneficial to the bulls and pretty much guarantee our price target (if not higher).
If we zoom in to the 30min chart, we can see that this major resistance and another line of resistance (which is at approximately the same spot as the inverse head & shoulders price target) are acting as parallel lines of resistance and support, respectively. LTC, within time, will choose its path. This path will more likely than not be a bullish one in the direction of our price target and maybe higher since we have the momentum of the moving averages, support from multiple trend lines, and more. Honestly, LTC is pretty much fool-proof in this moment. Keep an eye out.
-JZ
If we zoom in to the 30min chart, we can see that this major resistance and another line of resistance (which is at approximately the same spot as the inverse head & shoulders price target) are acting as parallel lines of resistance and support, respectively. LTC, within time, will choose its path. This path will more likely than not be a bullish one in the direction of our price target and maybe higher since we have the momentum of the moving averages, support from multiple trend lines, and more. Honestly, LTC is pretty much fool-proof in this moment. Keep an eye out.
-JZ
Bình luận:
So it looks like Bitcoin and the alt market is taking a beating at the moment. The reason LTC is taking this beating is not because of anything in its own power, but rather Bitcoin is pulling it down. Bitcoin failed to break a key resistance line yesterday in the 1100s and is furthering its correction as a result. I would recommend being cautious here, as LTC is testing its major line of support. Forget about the price target as the breakout has ultimately failed because of external factors, unless Bitcoin can pick itself up after this. If we do fall under this support line, a new support will be created. Always remember that alt coins follow Bitcoin, and you should never make a trade unless a Bitcoin chart confirms your belief. We were given a little bit of false hope. Maybe a lot. Let's see.
