Bitcoin moved up exactly as we predicted in my previous analysis (See related ideas for more information), so now it is time to analyze the other high market cap cryptocurrencies Litecoin and Ethereum to get an idea of market sentiment! In this analysis we are going to be analyzing Litecoin.
Swiftly moving on, let's analyze Litecoin on the 8 hour chart. At present, Litecoin is trading at the horizontal support zone, which also converges with the side-wards resistance line at 97.87. Price is accumulating at this level, and soon I am expecting an upside reaction. The side-wards resistance is one level that is keeping price down, but also the accumulation consolidation break level of 102.20 needs to be broken before upside is officially confirmed.
Price action is currently supporting right on the 20 moving average which suggests at least in the short term, we will get further upside. If price continues from here, it could continue to seek support on the 20 moving average for future retests, and eventually begin an up move which potentially could see us up to 126.80.
Bear in mind that price can easily test 90.40 before going to the upside, if the 20 moving average support level is broken at 96.20.
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Swiftly moving on, let's analyze Litecoin on the 8 hour chart. At present, Litecoin is trading at the horizontal support zone, which also converges with the side-wards resistance line at 97.87. Price is accumulating at this level, and soon I am expecting an upside reaction. The side-wards resistance is one level that is keeping price down, but also the accumulation consolidation break level of 102.20 needs to be broken before upside is officially confirmed.
Price action is currently supporting right on the 20 moving average which suggests at least in the short term, we will get further upside. If price continues from here, it could continue to seek support on the 20 moving average for future retests, and eventually begin an up move which potentially could see us up to 126.80.
Bear in mind that price can easily test 90.40 before going to the upside, if the 20 moving average support level is broken at 96.20.
Please leave a LIKE and FOLLOW. This is the only reason I post any analysis.
Thanks for all your support.
