Litecoin (LTCUSD) not in the clear yet
The Daily timeframe of Litecoin (LTCUSD) as shown in this analysis captures price from January 6, 2018 to present date as operating inside of a falling diagonal (wedge) chart pattern i.e. #1 as indicated on the chart.
The latest test and confirmation of the falling wedge occurred on August 14, 2018 at ~$49.14.
Any bullish trade inside of the wedge is considered an early entry and more aggressive, compared to long (buy) entry orders placed on a break outside of the wedge. The horizontal line at $97.20 is shown here as a conservative point of entry as it ensure a price close outside the wedge that also indicates a potential bullish move for LTCUSD.
~$55.29 and $31.35 (#2 marked on the chart) is expected to provide support for Litecoin and a break below the bottom of support could see Litecoin reach between $20 and $10.
The Average directional index (ADX) as shown here (i.e. #3) indicates that the strength of the bearish trend is not letting up.
The latest test and confirmation of the falling wedge occurred on August 14, 2018 at ~$49.14.
Any bullish trade inside of the wedge is considered an early entry and more aggressive, compared to long (buy) entry orders placed on a break outside of the wedge. The horizontal line at $97.20 is shown here as a conservative point of entry as it ensure a price close outside the wedge that also indicates a potential bullish move for LTCUSD.
~$55.29 and $31.35 (#2 marked on the chart) is expected to provide support for Litecoin and a break below the bottom of support could see Litecoin reach between $20 and $10.
The Average directional index (ADX) as shown here (i.e. #3) indicates that the strength of the bearish trend is not letting up.
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