LTC/USD Fighting Resistance Above the Down Channel
As hoped, last weekend we avoided breaking below the double bottom line (110 range) and saw a significant bounce to the top of the 2 month downchannel which was in the 135 range at the time. We cleared the down channel and are currently seeing consolidation at the previous support line (Dark Red Line at 137) which is now a resistance line. If we see a drop, the middle of the down channel would be approximately where the double bottom line sits. I'm hoping to see strong buying to keep LTC above the down channel, and would like to clear the resistance line to start a nice run. If we keep banging against the resistance line wall, eventual selloff could ensue. I'm skeptically bullish here, but won't be buying.
If we start to see volume buying, we could see a rise in price to the low 160's in a fairly short time frame. This would be a decent place to take profits if you trade and bought in the 110 range. If we see a selloff, I'll short a few coins and look to pick up a few at 111 with a close eye on the double bottom. If it drops below there, will be looking for value at 101.
Of note, Bitcoin Cash is seeing a significant gain today setting it apart from the other Coinbase coins. This could be a 'pump and dump" affect of coinbase fund traders. Will be watching these events over the next few weeks to see if we see single coins outperforming others. This could generate some trade opportunities if a trend starts showing.
This is not investment advice. This is only a few ideas based on charts and trends. Personally hoping for a breakout to pick up some gains and get pricing back to a few bags.
If we start to see volume buying, we could see a rise in price to the low 160's in a fairly short time frame. This would be a decent place to take profits if you trade and bought in the 110 range. If we see a selloff, I'll short a few coins and look to pick up a few at 111 with a close eye on the double bottom. If it drops below there, will be looking for value at 101.
Of note, Bitcoin Cash is seeing a significant gain today setting it apart from the other Coinbase coins. This could be a 'pump and dump" affect of coinbase fund traders. Will be watching these events over the next few weeks to see if we see single coins outperforming others. This could generate some trade opportunities if a trend starts showing.
This is not investment advice. This is only a few ideas based on charts and trends. Personally hoping for a breakout to pick up some gains and get pricing back to a few bags.
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