LTC/USD - The Level To Watch
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Litecoin is one of those projects that from a valuation perspective did not deserve to fall with the downtrend at all, but, well, did. Technicals are stronger than people think. Always have been, always will be. Happened so many times, where there's a recession and the markets generally receive fundamental news showing massive signs of high probability recovery but the asset is caught in a technical downtrend and thus continues to fall for absolutely no reason whatsoever. This is the movements we've basically seen with Cryptocurrency... A pointless charade of down moves, at the mercy of a strong, technical downtrend. What causes technical downtrends? Well I can tell you now, it isn't trivial indicators such as RSI or other indicators that indicate absolutely nothing in a downtrend... It's moving averages and Fibs that are the primary suspects. Whenever price breaks below major moving averages on reasonably large time frames, almost always then the price is caught under the mercy of it for a long, long time. Usually price has to find 1) Compelling structure to use as a support for a new up move or 2) Ride the down move until people stop fearing the market and taking the market almost completely unnecessarily. This is just how markets work.. All the way from Soybean futures to Turkish Lira exchange rate speculation, they ALL act the same EVERY TIME. Don't get confused about what you're seeing, or make up conspiracies, or you'll just burn your accounts.
Litecoin has been one of these victims, caught under the major moving averages and with littler volume, they were able to keep price going further and further down and Litecoin was drowning with no way out. This was until price found a compelling structure to find support, which it did and has since been trading in a range bound/accumulation type area. Litecoin is caught under a resistance since making accumulation, which appears to be Litecoin's last obstacle to conquer.
I think it will break to the upside of the resistance zone. Why? simply because there's been higher lows and nice candlestick reversals at the troughs at the side-wards support lines, showing a sustained, accumulative buying pressure. Cryptocurrency relies on sustained, consistent buying or selling pressure to make a move, and that is what makes Cryptocurrency market a lot different from Equities markets. A market maker can quite easily jerk the trend in another direction on their own and it sticks, whilst in Cryptocurrencies it needs to be a long string of consistent buying/selling pressure, with continue participation over quite a period of time to get the ball rolling properly.
Simply put, let's let the big money offer the buying pressure, then we can jump in and get the ball rolling.
Where do YOU think price is heading? Leave a comment with as chart and let's share our thoughts!
Please leave a LIKE and FOLLOW - These motivate me to take my time to post these analysis :-)
Thank you for your support.
Litecoin has been one of these victims, caught under the major moving averages and with littler volume, they were able to keep price going further and further down and Litecoin was drowning with no way out. This was until price found a compelling structure to find support, which it did and has since been trading in a range bound/accumulation type area. Litecoin is caught under a resistance since making accumulation, which appears to be Litecoin's last obstacle to conquer.
I think it will break to the upside of the resistance zone. Why? simply because there's been higher lows and nice candlestick reversals at the troughs at the side-wards support lines, showing a sustained, accumulative buying pressure. Cryptocurrency relies on sustained, consistent buying or selling pressure to make a move, and that is what makes Cryptocurrency market a lot different from Equities markets. A market maker can quite easily jerk the trend in another direction on their own and it sticks, whilst in Cryptocurrencies it needs to be a long string of consistent buying/selling pressure, with continue participation over quite a period of time to get the ball rolling properly.
Simply put, let's let the big money offer the buying pressure, then we can jump in and get the ball rolling.
Where do YOU think price is heading? Leave a comment with as chart and let's share our thoughts!
Please leave a LIKE and FOLLOW - These motivate me to take my time to post these analysis :-)
Thank you for your support.
Note
A nice move up towards resistance could have been a profitable short term trading oppprtunity. Looks like price is going to make a break for it soon. We are near now, let’s be patient and watch for that clean resistance break before entering! :-)
So far going exactly as planned!
Please leave a LIKE and FOLLOW. This is that motivates me to continue posting my analysis !
Thank you for your support.
Note
Litecoin is moving EXACTLY as planned and looks to settle right at my target level! We're on a roll with a 100% trade success rate at the moment!Well done to anyone who followed this one, large profits were to be made from this trade if you simply read my chart & text and followed my analysis!
I am glad to be your one stop shop for reliable, and consistently profitable Cryptocurrency analysis!
FOLLOW for more profitable analysis's ! :-)
Note
Litecoin hit my top arrow, then corrected into the support zone, literally exactly as I planned it.Now it's time to do nothing, and wait for the candles to be less murky, then we can buy into the market.
Please leave a LIKE. I'd really appreciate it. :-)
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