CHART ART: LITECOIN DAILY TREND LINE SUPPORT BACK IN FOCUS
GOOD EVENING STEEMIT!
With crypto markets taking a bit of a breather overnight and today, I'm back on the charts and in the hunt for some possible trading or investment opportunity.
Coin Telegraph
One such crypto coin that's never far from my analysis is Litecoin. Charted as LTC/USD for those of you playing along at home via TradingView or your forex broker’s MT4 platform, not to be fooled by the name, this is one of the major players in the cryptosphere.
Litecoin had SegWit before Bitcoin and has solved many of the scaling issues that the growing pains of Bitcoin are even now still trying to solve. While lately acting as a bit of an inversely correlated foil for Bitcoin, they are a solid coin in their own right and when this latest Bitcoin rocket ship starts to settle down again, I expect some of the money to flow across into Litecoin as one of the better alts.
But I’m really here for the technicals and nothing stands out more on the LTC/USD chart than this daily trend line support level:
LTC/USD Daily
That’s 1, 2, 345, SIX touches before yesterday’s daily candle tagged it again for touch number 7. Talk about a level that is garnering some serious respect from price.
Whether you take that as a level that has been tested 1 too many times and is ready to crack, or if you see it as strength, to me the only thing that matters is that it’s still holding.
Support is support until it’s no longer support. It really is as simple as that.
Even though it might look like support has broken here, the fact that the level is a higher time frame level and price is still essentially ‘hugging the line’, to me it’s still holding.
LTC/USD Hourly
The intraday chart shows that last point through the inability of price to make a new lower low after trying to retest trend line support this time as resistance.
I’m now just waiting for price to tuck back above the trend line, reactivate it as a higher time frame support level and then I’ll be looking to long any short term pullbacks.
Now we wait.
Peace!
Related @forexbrokr CHART ART Blogs
CHART ART: WEEKEND CRYPTO UPDATE
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Correct, the larger time frame always dominates. However, we need those time frames to get congruent for real positive price action.
LTC is actually my second largest holding after steem, so enjoyed the analysis.
Cheers scaredy.
There's just something about this daily trend line. I can't believe it's still holding after this many touches... but it is! :)
Here we go again:
nice post . i follow you
Thanks mate, welcome aboard!
Meritorious post
I guess that beats 'great post'...
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