Litecoin LTC Long Term Low Set or just a Correction, Part 5
Litecoin just keeps on popping up, ignoring all the resistances and possible short term bearish pattern. It even broke that channel on the upside already, which is something that rarely happens. So that "long" term resistance around 50 broke as well. Because of this, the real test will be seen now.
We have already made a pullback to the 50/48 zone, there is a little bit more room left, but normally we should stay above that channel now. If this starts to take a lot of time (several days) the chances for a bigger correction will increase a lot. But the 46/44 blue trend line on the left could also work as support. The green support around 40/42 can not brake anymore, that could even suggest the whole rally is over already and we have set a bull trap with the moves of the past 2/3 days. Ideally we see that triangle on the right form, but that would be unlikely because that needs a lot of conviction. I only see that happen if Bitcoin can break the 3970ish again. I think a retest of the 48 support is more likely to happen than a move to the high again.
Low time frame it's a bit difficult to judge, higher time frame is mentioned above with an addition, that if we rally, there is a big resistance zone ahead around the 65. Weekend is also closing in again, so would like to see a clearer picture tomorrow.
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Previous analysis:
We have already made a pullback to the 50/48 zone, there is a little bit more room left, but normally we should stay above that channel now. If this starts to take a lot of time (several days) the chances for a bigger correction will increase a lot. But the 46/44 blue trend line on the left could also work as support. The green support around 40/42 can not brake anymore, that could even suggest the whole rally is over already and we have set a bull trap with the moves of the past 2/3 days. Ideally we see that triangle on the right form, but that would be unlikely because that needs a lot of conviction. I only see that happen if Bitcoin can break the 3970ish again. I think a retest of the 48 support is more likely to happen than a move to the high again.
Low time frame it's a bit difficult to judge, higher time frame is mentioned above with an addition, that if we rally, there is a big resistance zone ahead around the 65. Weekend is also closing in again, so would like to see a clearer picture tomorrow.
Please don't forget to like if you appreciate this :)
Previous analysis:
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