Hello Traders,
Today’s chart will be an update on LTC!
Points to consider
- Major Support being tested
- Retracement to .618 Fibonacci line
- RSI neutral
- Stoch’s looking to turn
- EMA’s acting as resistance
- Volume below average
- Heavy volume of transactions after support according to VPVR
LTCUSD is in a very interesting area where it is bound to have a bounce of support or break below support to test lows again. Price has retraced back to the .618 Fibonacci Line which is in confluence with a major support area. Bulls need to show up with high volume if Litecoin Is going to bounce…
EMA’s is giving price resistance, as volume is declining rapidly; we’re bound to get volatility as the EMA’s meet price with support. The RSI is currently neutral however the stochastics is starting to show signs of upwards momentum. Support looks very strong here for LTC as the VPVR shows high levels of transactions right below local support. The only real obstacle for LTC is the current EMA’s; they need to turn bullish for price to re test next resistance.
We also need to consider BTC’s movements as it can negate all Alt coin setups…
What are your thoughts? Will Litecoin respect support and test upper resistance?
Please leave a like and comment
And remember
“You will never find fulfillment trading the markets if you don’t learn to appreciate and be satisfied with what you already have.” ― Yvan Byeajee
Today’s chart will be an update on LTC!
Points to consider
- Major Support being tested
- Retracement to .618 Fibonacci line
- RSI neutral
- Stoch’s looking to turn
- EMA’s acting as resistance
- Volume below average
- Heavy volume of transactions after support according to VPVR
LTCUSD is in a very interesting area where it is bound to have a bounce of support or break below support to test lows again. Price has retraced back to the .618 Fibonacci Line which is in confluence with a major support area. Bulls need to show up with high volume if Litecoin Is going to bounce…
EMA’s is giving price resistance, as volume is declining rapidly; we’re bound to get volatility as the EMA’s meet price with support. The RSI is currently neutral however the stochastics is starting to show signs of upwards momentum. Support looks very strong here for LTC as the VPVR shows high levels of transactions right below local support. The only real obstacle for LTC is the current EMA’s; they need to turn bullish for price to re test next resistance.
We also need to consider BTC’s movements as it can negate all Alt coin setups…
What are your thoughts? Will Litecoin respect support and test upper resistance?
Please leave a like and comment
And remember
“You will never find fulfillment trading the markets if you don’t learn to appreciate and be satisfied with what you already have.” ― Yvan Byeajee
