RE: The only trend I care about:
Hi 👋,
Sir, you are a tremendous trading analyser I'm publishing my personal trading opinion here.
What's up traders, I hope you're all having a good trading week.
Let's analyze LTC/USD on the 1D chart.
When looking at the 1 Day chart, price is clearly trading under a side-wards resistance line, since breaking down on the 6th -3.03% of May back into structure, looking like a bear trap type scenario. Price will now likely continue the down move into the horizontal support zone between 115 and 93, and this is evident from price action showing a mini flag pattern since 15th May implying a measure move target to the horizontal support zone .
Litecoin is also trading under major moving average resistance, and the 20 just crossed under the 50, and the 200 firmly above the 20 and the 50 respectively. This shows huge technical weakness in the downtrend.
Litecoin has a probability to go to the upside, however I believe price is going lower first before any bullish activity. If price goes lower than the horizontal support zone between 115 and 93.
Let's see how the market continues.
Happy trading guys ❤
It's trying to bounce off your upper support. Lots of similar patterns out there. Lots of inverted H&S too. This is a very logical place to look for a reversal. It's also a logical stop loss level for new entries on aggressive positions. Lastly, a simply fantastic place for long term investments, IMHO.
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