Price recently had a big upside rally, which has caused quite the hype in Litecoin. This is a coin I have analyzed closely since it's inception as all those who follow me will know.
Looking at the 1H chart after the rally, it appears price has gone into a consolidation zone. It is gone into a very tight range since then, and now we are waiting for the move which answers the big question - Is price going up, or is it going down?
Although I am not sure exactly yet. I would probably put my money on the downside. Saying this, I will always trade what I see and not what I think.
Price is in a major juncture here. Whichever way price goes, it will be with an explosive move. So it's important we have some rules to safely trade Litecoin as it leaves this area of consolidation.
Below I have outlined the 2 outcomes for the pair.
-Price will break the support zone between 0.01784 and 0.01666 and have a steep downside correction, most likely hitting previous structure support at 0.01448000, or if the move is highly explosive, the correction to go to the steepest structure level at 0.01036000. When this mvoe completes we will look for the buy opportunity afterwards. -Price breaks above the sideways channel resistance at 0.01880000 and the horizontal resistance at 0.01980000. Once this happens there is a possibility of a strong up move which could see us go into the high 0.020000000's.
Bare in mind- that whichever scenario plays out, I will be looking for the long opportunity after the move has completed regardless.
I have posted my other recently posted CryptoCurrency ideas below. Please leave a like.
@KurtDiesel, Not especially interesting. Will leave it for now.
edje42
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I have similar 'feelings', LTC coming to a crytical point and will decide to go UP or DOWN. Looking at LTC/BTC trading at eg Poloniex, it gives the impression it will choose to go down, continuous pressure (although small) to push the coin down. But looking at the LTC/USD charts at eg BITSTAMP the charts doesnt show this continous pressure to pish the coin down, but gets in an almost perfect triangular with a little upwards directed bottom line of the triangular. At the time of writing, LTC is up with about 7 USD (at 299 USD) giving it a little up on Poloniex BTC market as well.
The BIG Question is: Will LTC price be determined by USD or by BTC traders and investors? That is what I continuous ask myself. It could very well be the USD traders/investors are dominant at the big coins (incl LTC) at the moment, with so much new money pushed into crypto.
What is your take on that?
AkshitMakhija
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Hello tom , please make a chart on BCH too ! Thanks in advance .
TomProTrader
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@AkshitMakhija, Will check BCH soon and post on TradingView. ;)
i think that all the people investing in such projects deserve to do well , investing in their own independence
TomProTrader
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@scousertommy, Sure. The markets don't really give what is "deserved" though. So we must always invest carefully and do well due to our consistent diligence, rather than what is deserved. :)
flyingtopore
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Any news dear Tom,
We will see correction or raise in price?
Currently LTC is recovering a minor correction after BTC price pump