Litecoin Signal approaching multi-year trend line support | Technical Analysis 8.17.2018

in #cryptosignals2 years ago

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Litecoin has created one of the most beautiful charts in the altcoin area. Looking at the big picture, the coin is trading within a bullish channel , creating higher lows and higher highs on the weekly chart. However, the micro picture gives us a different feeling. The coin broke the horizontal support around 0.01000, which represented a significant support in terms of the both technical and psychological level. The same level has played a big role in numerous occasions as both the resistance and support. Once the Litecoin pushed and closed below that level, the bearish feeling got even stronger. Now, the coin is approaching the ultimate support, which if broken, will create huge consequences for both the Litecoin and other altcoins. On the other hand, the chance is there to go long against the trend line , as opportunities as big as this one occur very rarely. For instance, one may go long once the coin approaches the trend line or touches it, let's say around 0.00800 with a stop around 0.00700. The first level to take profits off the table may be around 0.01000, although those of you who play long game may look for a bigger move in the context of a bullish channel .

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So you would say it is time for accumulation...