Hey guys, been away from the crypto world for a couple years now. I'm glad to be back. Not the best time to do any chart updates since BTC has been a little drunk in the last couple days, but let's take a look at LTCUSD.
We have RSI at low 30's, so it's clearly oversold, but I believe LTC will retrace a bit more to the support lines before starting to give a short term upward reversal.
I have support lines in Black. Once we see a reversal at either of the support lines, it should be a good buy.
It's possible that it'll do a double bottom on the 4H at $29 ish and then the buys starts to come in.
Be careful while trading, and also keep an eye on BTC while you do any trades.
I didn't go much in-depth on this one, but now that I'm back, I'll slowly get back with publishing the LESSONs as well.
Let me know what you think of the analysis.
Happy Trading!
We have RSI at low 30's, so it's clearly oversold, but I believe LTC will retrace a bit more to the support lines before starting to give a short term upward reversal.
I have support lines in Black. Once we see a reversal at either of the support lines, it should be a good buy.
It's possible that it'll do a double bottom on the 4H at $29 ish and then the buys starts to come in.
Be careful while trading, and also keep an eye on BTC while you do any trades.
I didn't go much in-depth on this one, but now that I'm back, I'll slowly get back with publishing the LESSONs as well.
Let me know what you think of the analysis.
Happy Trading!
Note
Looks like LTC tried to break our Resistance (Blue dotted line), but failed to do so.Its still a little early, but if you see the Stoch RSI, the blue line is crossing the red line to go downwards. So unless we see a bounce at around the current price / support level, we're probably heading down to one of the support lines. It is also possible that the price will be steady for a day or two.
We'll have a better idea in a day. As y'all can see, LTC has been in a downward channel since the beginning of March. It'll either continue another downward action before breaking the channel, or if we get some buy volume at the current action, it can break the channel which is less like to happen right now.
I'll try and keep y'all updated.
Happy Trading.
Note
LTC hits our first support line at $32.71. Let's see if this 4H candle closes below or above. I still think it might hit the $30 support line, but all depends on the next candle and BTC. I'll keep you updated.
Let me know what you think.
Note
Wooohooo! LTC touched out second support line at $29.81 and also tried to break the first support line at $32.71. This is a strong support right here. Let's wait and watch. Its definitely going to try and break the first support line at $32.71. If it fails, we might go down to the third support line at $25.04.
Buy orders can be placed once it breaks the first support line and the candle closes above. Be careful because BTC is not stable yet.
Happy Trading!
Note
Hits our first target of $39.22 and there's some strong resistance here. If we're able to break it it'll go on to the next resistance. CheersTrade closed manually
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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.