LitecoinShort
Litecoin is about to test the Verge of the Wedge
Hi, Traders ! Monfex is on the air !
The Litecoin network’s hash rate has dropped 60 percent since its halving.
* The Litecoin network is getting less secured too fast. After the new coins mined on August 5 was cut in half, the network’s hash rate - computing power that covers the network from assault - has fallen, likewise.
* Technically, LTC has hit against the Resistance at $61.50 - $62.50 and failed to rise higher. The five consecutive Daily candles have left the wicks at this level.
* Though the price keeps above the 21 Daily EMA, a failure to break higher for the five days in a row has considerably diminished the bullish strength.
* Hence, we expect the Bulls to retreat and descend to retest the mid-term Support (that corresponds to the verge of the wedge) at $51. After that, the Bulls would get the second chance to consolidate before the next impulse up.
* The news about the hash rate must be fully incorporated into the analysis and should be watched closely in order to reveal any remarkable improvements.
Short-term trade signal
Sell @ $58 - $60.
Target: $51.
Stop-loss: $62.
Watch for our Updates to get real-time superior signals!
GOOD LUCK AND LOTS OF PROFITS !!
Disclaimer
This report is for information purposes only and should not be considered a solicitation to buy or sell any cryptocurrency or cryptocurrency product. Monfex accepts no responsibility for any consequences resulting from the use of this material. Any person acting on this trade idea does so entirely at their own risk.
The Litecoin network’s hash rate has dropped 60 percent since its halving.
* The Litecoin network is getting less secured too fast. After the new coins mined on August 5 was cut in half, the network’s hash rate - computing power that covers the network from assault - has fallen, likewise.
* Technically, LTC has hit against the Resistance at $61.50 - $62.50 and failed to rise higher. The five consecutive Daily candles have left the wicks at this level.
* Though the price keeps above the 21 Daily EMA, a failure to break higher for the five days in a row has considerably diminished the bullish strength.
* Hence, we expect the Bulls to retreat and descend to retest the mid-term Support (that corresponds to the verge of the wedge) at $51. After that, the Bulls would get the second chance to consolidate before the next impulse up.
* The news about the hash rate must be fully incorporated into the analysis and should be watched closely in order to reveal any remarkable improvements.
Short-term trade signal
Sell @ $58 - $60.
Target: $51.
Stop-loss: $62.
Watch for our Updates to get real-time superior signals!
GOOD LUCK AND LOTS OF PROFITS !!
Disclaimer
This report is for information purposes only and should not be considered a solicitation to buy or sell any cryptocurrency or cryptocurrency product. Monfex accepts no responsibility for any consequences resulting from the use of this material. Any person acting on this trade idea does so entirely at their own risk.
Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.