LTC/BTC - Critical Juncture
Whats up traders,
Here we have LTC/BTC on the 1H chart.
Price recently had a big upside rally, which has caused quite the hype in Litecoin. This is a coin I have analyzed closely since it's inception as all those who follow me will know.
Looking at the 1H chart after the rally, it appears price has gone into a consolidation zone. It is gone into a very tight range since then, and now we are waiting for the move which answers the big question - Is price going up, or is it going down?
Although I am not sure exactly yet. I would probably put my money on the downside. Saying this, I will always trade what I see and not what I think.
Price is in a major juncture here. Whichever way price goes, it will be with an explosive move. So it's important we have some rules to safely trade Litecoin as it leaves this area of consolidation.
Below I have outlined the 2 outcomes for the pair.
-Price will break the support zone between 0.01784 and 0.01666 and have a steep downside correction, most likely hitting previous structure support at 0.01448000, or if the move is highly explosive, the correction to go to the steepest structure level at 0.01036000. When this mvoe completes we will look for the buy opportunity afterwards.
-Price breaks above the sideways channel resistance at 0.01880000 and the horizontal resistance at 0.01980000. Once this happens there is a possibility of a strong up move which could see us go into the high 0.020000000's.
Bare in mind- that whichever scenario plays out, I will be looking for the long opportunity after the move has completed regardless.
I have posted my other recently posted CryptoCurrency ideas below. Please leave a like.
Here we have LTC/BTC on the 1H chart.
Price recently had a big upside rally, which has caused quite the hype in Litecoin. This is a coin I have analyzed closely since it's inception as all those who follow me will know.
Looking at the 1H chart after the rally, it appears price has gone into a consolidation zone. It is gone into a very tight range since then, and now we are waiting for the move which answers the big question - Is price going up, or is it going down?
Although I am not sure exactly yet. I would probably put my money on the downside. Saying this, I will always trade what I see and not what I think.
Price is in a major juncture here. Whichever way price goes, it will be with an explosive move. So it's important we have some rules to safely trade Litecoin as it leaves this area of consolidation.
Below I have outlined the 2 outcomes for the pair.
-Price will break the support zone between 0.01784 and 0.01666 and have a steep downside correction, most likely hitting previous structure support at 0.01448000, or if the move is highly explosive, the correction to go to the steepest structure level at 0.01036000. When this mvoe completes we will look for the buy opportunity afterwards.
-Price breaks above the sideways channel resistance at 0.01880000 and the horizontal resistance at 0.01980000. Once this happens there is a possibility of a strong up move which could see us go into the high 0.020000000's.
Bare in mind- that whichever scenario plays out, I will be looking for the long opportunity after the move has completed regardless.
I have posted my other recently posted CryptoCurrency ideas below. Please leave a like.
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