Watching LTC (Attached Charts)
Hey, guys :)
So LTC came up and tested my resistance line at 75.25 and was rejected. If you saw my last post you know my buy in was set for 75.35. I was 10 cents away from catching that drop in price so I'm upping my buy-in price to 75.50.
On the MACD chart you can see there is a bull cross at 1400 hours. The lines seem to only be widening for the moment so hopefully we won't be crossing back into bull territory.
We also bounced right off the bottom of my pitchfork; I'm very happy to see it validated in that way (Especially since it is a very favorable pitchfork that shows LTC embarking on another up trend).
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I would also like to point out the depth chart. So we don't seem to have a lot of buy in orders for the moment. While that wall of red might look off putting at a glance, let's look a little closer. It seems to me that people are waiting on a stronger bull signal before going in. The order book shows one bet at 128 right now. The sell out at 143 is gone as I'm typing this which leads me to believe that there are a few bulls trying to scare the price down to be able to buy up more for themselves. I'm seeing a lot of sell action in the order book in the 76.80s. That would come close to testing the next fib line after breaking the dark blue resistance line.
I'll be watching out for that pull back after we break resistance, and certainly peaking at the order book to see where everyone's head seems to be. Hopefully we will bounce on resistance to the next fib line.
Let me know what you're following, any predictions, and where you think LTC is going! :)
Nice analysis :D! Why exactly you look into LTC :)? Looking forward to your reaction! +1 upvote ^^!
Well, I started off on Robinhood trading the available cryptos. Bitcoin does not feel like a beginner coin, but I could be a little sour from some beginner mistakes with it. Ethereum usually has higher highs percentage wise compared to litecoin. When Bitcoin goes up, Ethereum is right along with it. Litecoin seems to deviate some as I've watched it go sideways or even down some while ETH and BTC climb up.
That seems negative on LTC, but I think that makes it a little less volatile and more predictable. I've had some luck with it and it feels like a good coin to practice with.
Meanwhile, I have switched to Binance to start investing in some altcoins while getting a better handle on the bigger players. I'll probably be posting a full review of Robinhood here in the future.