I´ve just analysed different coins and tokens and much of them are in a triangle pattern, as Litecoin too.
Will this be a turning point for the whole cryptomarket or will the downtrend continue?
For Litecoin it´s a long way to install a new trend, because the negative trend channel is large.
At the moment the upper limit is at 137$, 20% higher than the actual price.
A sideways direction is more probable and so Litecoin will remain in the channel for a long while.
If BTC breaks the support to the bottom Litecoin will be affected and will break its support too. The correlation between these pairs is 0.95 (on daily closes).
This is our stop-level: 109$
Good luck with your trades!
Will this be a turning point for the whole cryptomarket or will the downtrend continue?
For Litecoin it´s a long way to install a new trend, because the negative trend channel is large.
At the moment the upper limit is at 137$, 20% higher than the actual price.
A sideways direction is more probable and so Litecoin will remain in the channel for a long while.
If BTC breaks the support to the bottom Litecoin will be affected and will break its support too. The correlation between these pairs is 0.95 (on daily closes).
This is our stop-level: 109$
Good luck with your trades!