Here we have LTC-BTC weekly look.
*Current set up**
> I have Fib drawn from the LTC low of 0.0030 to the high of 0.02 (I have omitted the ATH (pink circles) because on weekly TF it looks like a fake out rather than a top).
> So as we can see LTC bottomed on 0.786 back in ~Nov 2018 and recently in ~Dec 2019, it was also acted as a support level in past making it a massive support zone.
> With the recent drop it is now finding good support at 0.618 level and we even saw some bounce from this level yesterday.
*What next*
> We saw nice bounce in LTC from this 0.618, however looking at BTC it still remains in bullish posture. So if BTC pumps again we COULD see LTC break 0.618 (0.0096) support.
> From previous price action we do have 4 other significant support levels below marked as S2, S3 and final 0.786 S4 level.
> As of now, I see very very small possibility of LTC falling below that key 0.786 level and based on chart data I am pretty confidant that it will see major bounce soon.
To summarize: LTC at 0.0096-0.0090 is a fair deal for me and I will be looking to enter some serious longs from S2-S3 levels.
*Current set up**
> I have Fib drawn from the LTC low of 0.0030 to the high of 0.02 (I have omitted the ATH (pink circles) because on weekly TF it looks like a fake out rather than a top).
> So as we can see LTC bottomed on 0.786 back in ~Nov 2018 and recently in ~Dec 2019, it was also acted as a support level in past making it a massive support zone.
> With the recent drop it is now finding good support at 0.618 level and we even saw some bounce from this level yesterday.
*What next*
> We saw nice bounce in LTC from this 0.618, however looking at BTC it still remains in bullish posture. So if BTC pumps again we COULD see LTC break 0.618 (0.0096) support.
> From previous price action we do have 4 other significant support levels below marked as S2, S3 and final 0.786 S4 level.
> As of now, I see very very small possibility of LTC falling below that key 0.786 level and based on chart data I am pretty confidant that it will see major bounce soon.
To summarize: LTC at 0.0096-0.0090 is a fair deal for me and I will be looking to enter some serious longs from S2-S3 levels.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.