Cryptocurrencies Outlook| ETHEREUM
Monday, 2nd July 2018
Note: I use New York Close Chart for all my Trading Analyze.
Like ETH, the counter-trend from 72.83 did not survive the pullback from 83.70.
But by the same token, a new counter-trend rise has developed from last Friday’s low of 72.02 in both the 4-hourly and hourly time frames.
The idea that a major bottom is either nearby or already in place means that going forth LTC too is likely to rise in tandem with the anticipated reversals in cryptocurrencies.
That being the case, buying on pullbacks is viable considering the huge upside potential relative to selling at current levels.
It is a fact that LTC had been the weakest link last month as price started to unravel from the May high. But rising tide raise all ships.
LTC, weak as it was will also see higher prices ahead if the prognosis is correct. In the 4-hourly time frame, the retracement from the weekend high was deeper than the 50.0% mark at 77.74 with a low of 77.30.
There is a good chance, going forward, we may see a resumption of this uptick. The immediate barrier is the swing high at 86.30 and of course the supply zones at 94.69 – 98.47 and 101.74 – 107.18.
In the hourly time frame, the counter-trend rise from 72.02 is developing nicely.
So was the retracement from the weekend high of 83.46. So far, this retracement has hit the 50.0% retracement level and it is possible an intermediate low is in place at 77.30.
Going forward, a resumption of the counter-trend rise could ensue from the current level.
After being stopped out of the last trade setup, only 2 long positions were re-established during the weekend pullback from 83.46. The immediate target is at 88.46.
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