Crypto Analysis Report 4-18-18 Litecoin Price Formed A Floor At $110...Now What???
I last talked about Litecoin on 3/28,
Price never hit my buy level at $80, but formed a floor between 3/29 and 4/12 at $110....Now What??
The momentum is to the upside now. This upward momentum has been confirmed by RSI breaking through the trendline that was established in mid-Feb. However, as price made its way down from $210, it formed levels where sellers are interested in shorting price. Thus, as price continues to move up, the buyers will battle the sellers at: $160, $180 and $210.
At the moment there are too many obstacles in the way of price moving up. The key to these supply (sell) zones being taken out is price needs to form demand (buy) zones on the way up. If demand zones are formed as price moves up, I anticipate price reacting to these levels, pulling back, then potentially moving higher. Lastly, another key point the buyers have on their side is price is low on the curve. This means Litecoin is selling at a discount. The Big Boys like to buy low and sell high. As retail investors, the key is to just get on their backs and enjoy the ride.
My preferred set-up is to wait until price takes out the sellers at $160 and buy on the pull back as indicated by the orange arrows.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
Right on. It also has quite a nice volume/momentum hope it will hold it
The buyers cleared out the sell orders ( green circle) on 4/3, so that should only help the cause.
Interesting perspective, thank you.
You are most welcome.