FrankieArnell

Is Litecoin heading back to the 70's or the 50's? (my opinion)

BITSTAMP:LTCUSD   Litecoin / Dollar
hello all! As always i hope you're all well!

Im going to keep this short and sweet, so straight to the point!

I believe we will see Litecoin break out of its current pattern in the next 3 days, we are currently in-between a level of support at $60 and resistance at $64.

Now i believe if we fall through the $60 support level we will see it sharply test the $57 mark, now the $57 support level should hold up but if not we have some strong support at the $54 mark and some major support at the $50 mark, so i don't see us falling below the $50 mark anytime soon.

Now if we break through the first level of resistance at the $64 mark i believe we will see it sharply test the next level of resistance at $67, in which i personally believe it will break out into the low $70's (within a week)

I shall re asses the chart in 3 days time as i believe this is when we will start to see a new pattern emerge.

Thats all i have for today, so as always do not make any financial decision's based on the information/opinion/predictions i provide, i hope you find my opinion/view useful in some way or another. peace out! any feedback/suggestions you have (good or bad) please post it in the comments, its much appreciated thanks! safe trading!
I would like to know (if you could inform me).. With a coin such as LTC I have noticed the 24hr Volume has steadily been decreasing from $350m to half that and currently at $170m, however, the price has stayed relatively stable. I am presuming that it means that although the volume has dropped it means less people are buying and selling? What would happen if 24hr volume was on $0 would the price stable the same? What does 24hr volume really indicate? If there is $500m being brought and sold but in exactly equal amounts it would still mean the price fluctuates but always stays at the same price right?
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Clear and straightforward analysis! As a new trader, I definitely understood your idea and the claims that you are trying to tell us; which is a huge deal! Gave you a follow! Keep posting great ideas!
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Much love for sharing your viewpoint!
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FrankieArnell SajmonSez
@SajmonSez, thanks, i am glad you liked it :)
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Keep in mind that we are in a possible top of B wave soon on BTC...LTC is following BTC closely but with consolidation. We need a healthy break down on BTC to keep it's momentum up, this means we need tight stop losses right now with BTC. If BTC breaks down on B wave...and we get a strong C...Will LTC follow? I'm pretty sure it will. So then we will not test higher levels on LTC, until BTC clear's it's correction pattern at the moment.
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@jwburnum, very valid point! thanks for sharing, i agree but we should hold up pretty well in the 50s if we do fall as there is some pretty strong support there
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Soss jwburnum
@jwburnum, in the event of a strong C many BTC traders swap to LTC rather than simply just cashing out by playing the BTC/LTC charts instead, this actually happened last time LTC broke out - it slightly in opposition to a BTC sell-off.
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Soss Soss
@Soss, it was*
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Thanks for your analysis ! Great Chart !
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FrankieArnell patelcrypto
@patelcrypto, no worries, I'm glad you liked it and thanks :)
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