LTCUSD - Technical Analysis September 28, 2017 - current price $55.30
LTCUSD
Looking at Litecoin for a swing trade, long or short. If one recalls we charted the previous breakout with accuracy by spotting the wedge on an exteremely strong uptrend that extended to LTCUSD historic lows.
daily
Recently LTC put in a double top after this move and followed bitcoin down on the news out of china. The chart looks not great unless one recognizes that the areas where support were found are at the previous trendline from the wedge breakout resistance. This is what is known as backtesting. LTC printed 4 daily candles off of this range and never lost it. That in and of itself is quite bullish, it is price verification. LTC is working on recapturing that historic trendline now.
Note the MACD, Stoch RSI and RSI are all within a healthy range
4 hour
On the 4 hour chart we also see that a lot of support (buying/demand) was at the 680 DMA where the price lingered for some consolidation before bouncing. LTC recaptured the R2 pivot as support and is currently testing it on this time frame, it happens to align with that historic trendline.
The Stochastic RSI has just entered uptrend and provided the bulls maintain control we will see this momentum indicator stay in this range for some time.
1 hour
The 1 hour time frame is a reason for pause, it is likely to see a slight pullback, as when viewing the Stochastic RSI it has been extended in uptrend for some time and is likely to cycle.
Bulls need to maintain that trendline, and at the very least, the pivot support at $49.78. If this level is held and bounces we would be looking at a set of higher lows - price progression.
Bullish Above: $57
Bearish Below: $49
RISK TRADE: Scale into a long position, adding, if $47 (680DMA 4 hour) fails to hold, close.
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Follow at your own risk, Not a financial adviser, understand the risks associated with trading and investing. Manage your own Risk - in other words you could lose it all and I could give a fuck.
I've done technical analysis for years.
Nicely done!
upvoted and resteemed.
Thank you very much!
my pleasure
Thanks for the analysis
to the moon LTC
Ha no problem, still has a fair bit of work to do, and if BTC pullback, LTC should follow. So many things to be watching this morning
Good stuff, will be watching LTC closely today.
Just cautious of BTC i think we need to back test the 4040 area if it fails then BTC sets a lower high and we are in a downtrend. Thanks for your comment!
Good to know. No problem, thanks for your analysis!
LTC to the moon soon. atomic swap lightning networks, going anonymous too what else you want from a coin?
I personally pay little to no attention to coin fundamentals. Charts often precede that information through price action. But good to know, thank you!
oh ya btw, do you learn TA from some textbook or stuff like that? want to join the team :D
Just learned itover time from studying. Check out investopedia it is an excellent resource. I honed my skills from picking something to continuously chart and paper trade, pretend to trade.
Learn patterns and formations. I suppose there are textbooks but learning slowly and on the fly was just as good.
A true technical analyst. After all, we arrive at same result with fundamental analyst. I guess technical analyst can confirm one another.
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good
Good analysis..
Litecoin Technical Analysis: Target $134.78
intresting observation, i would be more inclined todraw the megaphone less steep and cut through the top of the last rally as it was function of exuberance. Can't say i wouldnt like me some 130s.
My trade setups are for swinging not investing.
Yes, I do both also. If you would kindly check out my blogs and comment, I'd be grateful!
.... you seem to have a bias to the upside friend, careful with that, still wildwest.
That's what I was told in 2013. What a buckaroo profit it's been to now!