What's up traders, I hope you have all had a good start to the trading week.
Here we have LTC/USD on the 1D chart.
LTC/USD has been in an up move. Price broke a side-wards resistance on 14th February at 163.23 and has been trading upwards since.
Price is picking up more momentum to the upside. Price had a small pullback but is since recovering. Price is currently trading above a side-wards support level and just above the 50 moving average.
I am expecting Litecoin to continue with the current upside momentum, but I would prefer to see a test on the side-wards support at 199.30 or a slight steeper retest to support on the 50 moving average at 197.30. If price hits the 50 moving average and then has a candlestick reversal signal with the candle body closing ABOVE the side-wards support level, this would be a great buying opportunity based on momentum.
Bare in mind that seeing a retest at horizontal support at 199.30 would be a fantastic time to consider a new entry into the market.
If price retests the lower support of the 50 moving average, it is strongly preferred that is also has a good candlestick setup coinciding with it, to support the fact that momentum is favorable at the support level that we are most interested in.
I will updating this analysis if it exceeds 40 likes.
But i see it almost impossible to dive this far,but who knows,everything is possible in the crypto world,thanks will load more at 190 when it hit
TomProTrader
⋅
@afreet77, We will soon find out. Either way there is a way to trade this.
stevegong
⋅
@TomProTrader, hey Tom, how would you trade this ? Just started to read up on your pages.
Thank you.
TomProTrader
⋅
@stevegong, Read my above analysis, everything is there.
Dieter1983
⋅
I want this coin but will wait for the dip. If it comes to +- 200usd. Seems a big dip to me but I trust smart People like you
TomProTrader
⋅
@Dieter1983, Dip might not come. But a better price in the range would be safer. There is ways to take advantage of it both ways though and thats the good thing.
Dieter1983
⋅
@TomProTrader, thank you Sir. I will wait. If not maybe Cardano found it's bottom. You are great to this crypto world forum us
Do you think it is now for a buy?