LTC/BTC is one to watch
A quick review on LTC/BTC, we see that price seems to be,
(1) consolidating within the red Fibonacci band (short term)
(2) creating a large descending wedge (longer term)
Levels to watch for,
100 Day Moving Average (orange line) has proven to be key resistance on 3 occasions, which coincides with the 23% fib level. Inversely, 0.01600000 - 0.01580000 has proved to be a strong level of support as it approaches the 200 Day Moving Average (red line). As LTC trades within this band, i interpret this as a period of consolidation.
The bearish case for this would be for LTC to drop below the 200MA, close a strong candle, followed by a death cross (watch green line fall below red line) and capitulate downwards.
I would subscribe to the more bullish scenario for LTC to break out of its wedge, followed by a strong close above the 100MA - this would be a case for continued upward price action. Notice some bullish divergence on the MACD, and trading low on the Stoch RSI.
You may combine your analysis with the LTC/USD comparative.
*Not financial advice :)*
(1) consolidating within the red Fibonacci band (short term)
(2) creating a large descending wedge (longer term)
Levels to watch for,
100 Day Moving Average (orange line) has proven to be key resistance on 3 occasions, which coincides with the 23% fib level. Inversely, 0.01600000 - 0.01580000 has proved to be a strong level of support as it approaches the 200 Day Moving Average (red line). As LTC trades within this band, i interpret this as a period of consolidation.
The bearish case for this would be for LTC to drop below the 200MA, close a strong candle, followed by a death cross (watch green line fall below red line) and capitulate downwards.
I would subscribe to the more bullish scenario for LTC to break out of its wedge, followed by a strong close above the 100MA - this would be a case for continued upward price action. Notice some bullish divergence on the MACD, and trading low on the Stoch RSI.
You may combine your analysis with the LTC/USD comparative.
*Not financial advice :)*
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