LITECOIN (LTC) & ETHEREUM (ETH) UPDATES: CONSOLIDATION
Litecoin
Even though I did not indicate it in the last update, Litecoin is in a symmetrical triangle currently. It has been consolidating around the 180-240 area for the past 2 weeks.
I am bullish on this price action because of how LTC has held up. After the LitePay spike a few weeks ago the price didn't drop to even lower levels, it stagnated around the 100/200 EMA area.
A 2-3 day swing trade can be ideal if you are going long on this chart right now. If the triangle plays out perfectly and we have a spike, my target resistance level is the 250 area, where the recent high is located. Support at 170 would be the opposite case if the spike doesn't occur.
Ethereum
There is nothing much to say about Ethereum right now, although the price action is favorable towards the upside right now for two main reasons.
The first is that the price isn't contained within descending wedge pattern anymore. The possibility of the price hitting the E wave is the same as Bitcoin hitting 6000 again, which is very unlikely.
The second reason is that after hitting and bouncing of the low of 560 a month ago, the price has been developing a channel of consolidation between 780 to 980. This is healthy, especially after a large spike. With this being said, I have no doubt we can hit 980 again, and if Bitcoin breaks 12k soon that would obviously help a ton.
Disclaimer: (I am not a financial advisor, do your own due diligence when investing in cryptocurrencies. This is just my speculative opinion.)
You ever write about NANO?
No I have not yet. I don't know about NANO's fundamentals but by looking at the chart it looks like a symmetrical triangle and its setting up for a breakout at 14000. But then again I don't know too much about NANO and if there is enough volume/buyers for a breakout. Followed you since I see you post about crypto too!
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