What's up traders, I hope you're having a great trading week.
Here we are analyzing LTC/USD on the 4H chart.
At present, price is trading at 113, currently in a down fall, after price consolidated for over 28 hours (Which is a very rare event for Cryptocurrency) and then broke to the downside. Price will likely continue the downfall until it finds some support.
Price could test 2 support levels before the next bounce. Price could firstly support at 99.90 which would be a measure move of the previous swing leg. Alternatively, Litecoin could travel further down to a lower support at 87.50 which is the support at the side-wards support line, also coinciding with horizontal support. Due to the lower support being a multiple support level, it should be significantly stronger, and much more reliable.
I will update this analysis when I receive above 40 likes.
Here we are analyzing LTC/USD on the 4H chart.
At present, price is trading at 113, currently in a down fall, after price consolidated for over 28 hours (Which is a very rare event for Cryptocurrency) and then broke to the downside. Price will likely continue the downfall until it finds some support.
Price could test 2 support levels before the next bounce. Price could firstly support at 99.90 which would be a measure move of the previous swing leg. Alternatively, Litecoin could travel further down to a lower support at 87.50 which is the support at the side-wards support line, also coinciding with horizontal support. Due to the lower support being a multiple support level, it should be significantly stronger, and much more reliable.
I will update this analysis when I receive above 40 likes.
