What's up traders, I hope you're all having a great start to the trading week.
Here we are analyzing LTC/USD on the 8H chart.
Litecoin is trading at 141 after finding resistance from the 20 and the 50 moving average which are acting as strong resistance. Whilst price is below these averages it shows Litecoin is in a short term correction. Price has completed a down swing against the side-wards resistance at 170 on the 24th March.
There's a horizontal support between 137 and 125 which price will fall to if 20 and 50 moving average resistance gets the better of price action. If price breaks below the first horizontal support, we should watch for a buy opportunity at the lower boundary of the trading cycle at 106.
After the corrective move has finished, I am expecting the bulls to shove the market once again.
Bare in mind, that a break below the horizontal support shows some significant weakness in Litecoin, and all other Cryptocurrencies in turn.
I will update this analysis when I receive above 40 likes.
Here we are analyzing LTC/USD on the 8H chart.
Litecoin is trading at 141 after finding resistance from the 20 and the 50 moving average which are acting as strong resistance. Whilst price is below these averages it shows Litecoin is in a short term correction. Price has completed a down swing against the side-wards resistance at 170 on the 24th March.
There's a horizontal support between 137 and 125 which price will fall to if 20 and 50 moving average resistance gets the better of price action. If price breaks below the first horizontal support, we should watch for a buy opportunity at the lower boundary of the trading cycle at 106.
After the corrective move has finished, I am expecting the bulls to shove the market once again.
Bare in mind, that a break below the horizontal support shows some significant weakness in Litecoin, and all other Cryptocurrencies in turn.
I will update this analysis when I receive above 40 likes.
