What's up traders, I hope you're all having a wonderful start to the weekend.
Here we are analyzing LTC/USD on the 4H chart.
As you all will know, we keep a very close on Litecoin, and have been posting many analysis in relation to it.
Litecoin is currently trading at 162 after a corrective move began after a peak on 17th March at 171 showed us resistance at the 50 moving average, giving the signal that Litecoin was due for a drop. Price is currently halfway into the corrective leg we previously predicted Bitcoin and Ethereum already. As it stands, it looks like price is setting up for another flag pattern, within the larger flag pattern on the bigger time frame. Coincidentally, the target of the short term flag, also coincides with the target of the long term flag pattern, making the price target an excellent place to start watching for buy opportunities.
Price has the possibility to bounce off the bottom of the short term flag structure at 162, but the probabilities all say DOWN.
After the corrective move has finished, I am expecting the bulls to be buying in large quantity.
Bare in mind, that a retest of the low support is a very good sign. Sooner these despondent lows from the crash finally finish, sooner Crypto will trend properly.
I will update this analysis when I receive above 40 likes.
Here we are analyzing LTC/USD on the 4H chart.
As you all will know, we keep a very close on Litecoin, and have been posting many analysis in relation to it.
Litecoin is currently trading at 162 after a corrective move began after a peak on 17th March at 171 showed us resistance at the 50 moving average, giving the signal that Litecoin was due for a drop. Price is currently halfway into the corrective leg we previously predicted Bitcoin and Ethereum already. As it stands, it looks like price is setting up for another flag pattern, within the larger flag pattern on the bigger time frame. Coincidentally, the target of the short term flag, also coincides with the target of the long term flag pattern, making the price target an excellent place to start watching for buy opportunities.
Price has the possibility to bounce off the bottom of the short term flag structure at 162, but the probabilities all say DOWN.
After the corrective move has finished, I am expecting the bulls to be buying in large quantity.
Bare in mind, that a retest of the low support is a very good sign. Sooner these despondent lows from the crash finally finish, sooner Crypto will trend properly.
I will update this analysis when I receive above 40 likes.
