9.4.2020 Litecoin (LTC / USD)
Hi Traders!
Today, after a long time, we will look again at Litecoin. If Bitcoin is referred to as digital gold, Litecoin is nicknamed digital silver. He's the smallest brother of Bitcoin and we'll go over his technical analysis today.
Litecoin has a similar graph to the other altcoins and bitcoin itself. As you can see on the 4H chart, its structure is very complex. Let's break it down into smaller pieces and say what we see on the chart.
First of all, we see the big white channel. So the chart is still moving in the channel and couldn't break down or up. Movement in the channels indicates that it is more of a corrective nature. Second, we see the ABC correction, which we could draw into three waves and then the triangle (the triangle is typical for wave B and the closing wave C).
We are approaching strong resistance and therefore we should be careful. We consider USD 46.85 - 48.76 to be strong resistance. At this level, there is 0.382 Fibonacci level of the whole decline, one to one extension and point resistance. Thus, three key levels overlap in this zone, which can prevent further growth.
May the crypto be with you!
Today, after a long time, we will look again at Litecoin. If Bitcoin is referred to as digital gold, Litecoin is nicknamed digital silver. He's the smallest brother of Bitcoin and we'll go over his technical analysis today.
Litecoin has a similar graph to the other altcoins and bitcoin itself. As you can see on the 4H chart, its structure is very complex. Let's break it down into smaller pieces and say what we see on the chart.
First of all, we see the big white channel. So the chart is still moving in the channel and couldn't break down or up. Movement in the channels indicates that it is more of a corrective nature. Second, we see the ABC correction, which we could draw into three waves and then the triangle (the triangle is typical for wave B and the closing wave C).
We are approaching strong resistance and therefore we should be careful. We consider USD 46.85 - 48.76 to be strong resistance. At this level, there is 0.382 Fibonacci level of the whole decline, one to one extension and point resistance. Thus, three key levels overlap in this zone, which can prevent further growth.
May the crypto be with you!
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