LTC Litecoin, Bear trap and Counter Move to 70?
Uppdaterad
Patience pays off, waiting for the right moment to get in. In my previous analysis i showed the possible bear trap move and that a break of the red resistance on the right would be a confirmation. Also mentioned that we still needed to see an increase in volume, it's exactly that what we have seen today. From the looks of it, we might see a break of this triangle and i am ready to increase my position if i see Bitcoin break 6500ish and Litecoin break the high we just made.
However it would be best if things go slower and we start to form a bull flag as i have shown on the right. Would be healthier and more solid if that would happen. In this case i would increase if the bull flag would break up.
I got a lot of question about the long term view on LTC, the trend is still clearly down. A break of 75ish would be a first step and a break 90 would of course even be better. Below those levels, no need to think about a long term bullish view. Step by step, first let's see what happens the coming weeks.
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Previous analysis:
However it would be best if things go slower and we start to form a bull flag as i have shown on the right. Would be healthier and more solid if that would happen. In this case i would increase if the bull flag would break up.
I got a lot of question about the long term view on LTC, the trend is still clearly down. A break of 75ish would be a first step and a break 90 would of course even be better. Below those levels, no need to think about a long term bullish view. Step by step, first let's see what happens the coming weeks.
Please don't forget to like if you appreciate this:
Previous analysis:
Kommentera
As expected things have been slowing down and a bigger correction has been going on. However, the drop invalidated the possible bull flag taking away most of the bullish momentum. The second green support has done it's work several times with a few bounces up, but we need to get above the 54.5ish to be more safe. Whatever happens, the price has to stay above the previous red resistance zone around 52, below that level the bears will probably take over again.
Kommentera
That green support worked out perfectly and we had a good bounce to the resistance of the bull flag. Since we got rejection there, we can assume the bull flag is probably still valid. Now it has to stay above the 54 and we could see another attempt to break up.The daily really wants to break that triangle/wedge, if that happens, we could see a good big rally if we get volume as well!
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