What's up everyone!
We have good news! Looking at the 4h chart we can see that Litecoin has just pierced the EMA 50. This is good news as that was the only obstacle left on the way up to the upper part of the Channel.
What is expected now is a rally of LTC up to 200-205 USD approx. and back down to the lower part of the descending channel. We have two key resistance points ahead: the upper part of the Channel, and Fibonacci 61.8% retracement level. I personally believe that LTC won't get through these two points, but we have to keep an eye on these two. Additionally, we can see that the volume is also diminishing as the price is rising, this is also a bearish sign.
Bear in mind folks, that March 14th is a key date due to the closing of CBOE 3.88% Bitcoin Futures 8.65% , contract XBT/H8. This is scheduled for 14 March 2018 14:45:00 CDT 4.17% , and as we know from previous experiences, the whole crypto market is extremely reactive to this event. Caution is therefore advised for the following days.
That's all folks! Good luck and please hit the like button if you'd like an update on this analysis! Should you have any comments/questions, feel free to comment below!
Thank you and have a great day!
We have good news! Looking at the 4h chart we can see that Litecoin has just pierced the EMA 50. This is good news as that was the only obstacle left on the way up to the upper part of the Channel.
What is expected now is a rally of LTC up to 200-205 USD approx. and back down to the lower part of the descending channel. We have two key resistance points ahead: the upper part of the Channel, and Fibonacci 61.8% retracement level. I personally believe that LTC won't get through these two points, but we have to keep an eye on these two. Additionally, we can see that the volume is also diminishing as the price is rising, this is also a bearish sign.
Bear in mind folks, that March 14th is a key date due to the closing of CBOE 3.88% Bitcoin Futures 8.65% , contract XBT/H8. This is scheduled for 14 March 2018 14:45:00 CDT 4.17% , and as we know from previous experiences, the whole crypto market is extremely reactive to this event. Caution is therefore advised for the following days.
That's all folks! Good luck and please hit the like button if you'd like an update on this analysis! Should you have any comments/questions, feel free to comment below!
Thank you and have a great day!
Bình luận:
Danger, LTC is still playing around EMA50. If it doesn't surpass it soon, the pattern will turn into a strong bear flag! Beware my friends!
Bình luận:
Bình luận:
We have just witnessed the breakdown of a bearflag. First target now is 165USD.
Will keep you posted.
Will keep you posted.