LTC Trends Closer To Potentially Massive Support
Hi friends! Welcome to this update analysis on Litecoin! Let's get right to it! Looking at the weekly LTC chart, you can see that price did fall after failing to recover above the 200 week moving average (in purple.)
If you recall from the last analysis, I said "Looking at the immediate price action, you can see that the current price is just below the 200 week MA (in purple.) So, if LTC can't recover above that level, it could produce some downward price movement. However, the bottom of the Gaussian Channel is in the 45.00 range, and the bottom of this proposed channel is just below that."
LTC fell almost exactly to the bottom of the Gaussian channel, printing a low near 46 yesterday. The bottom of the big blue "proposed/possible" channel, is around the 40 level. So, we could definitely see more downside before we see support. On the other hand, LTC has never broken below the Gaussian channel after it turned from green to red, until after the bull run was complete. So, if LTC breaks down below the Gaussian Channel, that would be unusual weakness. If it also breaks down below this proposed blue channel (which I have previously described as atypical and "experimental" in my analyses) LTC could have a more sever correction.
For now, we need to watch to see if LTC can hold these levels, or if it continues to break down below key support. The Gaussian Channel suggests that we could be near an absolute bottom, but price support will have to materialize on the chart for that to be confirmed.
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
If you recall from the last analysis, I said "Looking at the immediate price action, you can see that the current price is just below the 200 week MA (in purple.) So, if LTC can't recover above that level, it could produce some downward price movement. However, the bottom of the Gaussian Channel is in the 45.00 range, and the bottom of this proposed channel is just below that."
LTC fell almost exactly to the bottom of the Gaussian channel, printing a low near 46 yesterday. The bottom of the big blue "proposed/possible" channel, is around the 40 level. So, we could definitely see more downside before we see support. On the other hand, LTC has never broken below the Gaussian channel after it turned from green to red, until after the bull run was complete. So, if LTC breaks down below the Gaussian Channel, that would be unusual weakness. If it also breaks down below this proposed blue channel (which I have previously described as atypical and "experimental" in my analyses) LTC could have a more sever correction.
For now, we need to watch to see if LTC can hold these levels, or if it continues to break down below key support. The Gaussian Channel suggests that we could be near an absolute bottom, but price support will have to materialize on the chart for that to be confirmed.
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
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.
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.