Hi friends! I hope you are all doing well. =D Lets take a look at Litecoin, shall we?
At the moment, litecoin is breaking two support levels — the 50 EMA (in orange) and the breakout level of the inverse head and shoulders pattern (pink dashed trendline.) We can see that sell-side momentum is increasing on the MACD, indicating expanding downward pressure. If LTC doesn't quickly reverse to the upside, it's likely that we're looking at a failed breakout of the inverse head and shoulders pattern. There is support just below, at the rising dashed grey trendline. A break below that, is likely to send bitcoin back down to the 200 EMA (in purple,) which corresponds with the 50% retracement level. I will be looking for a bounce off of support, with a bullish cross on the MACD, before taking interest in long-side trades.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
At the moment, litecoin is breaking two support levels — the 50 EMA (in orange) and the breakout level of the inverse head and shoulders pattern (pink dashed trendline.) We can see that sell-side momentum is increasing on the MACD, indicating expanding downward pressure. If LTC doesn't quickly reverse to the upside, it's likely that we're looking at a failed breakout of the inverse head and shoulders pattern. There is support just below, at the rising dashed grey trendline. A break below that, is likely to send bitcoin back down to the 200 EMA (in purple,) which corresponds with the 50% retracement level. I will be looking for a bounce off of support, with a bullish cross on the MACD, before taking interest in long-side trades.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.