LitecoinLargo
LTC - possible end of the downtrend in August
Actualizado
Litecoin has been downtrending for a long time now, similar to Bitcoin -1.79% .
Moving in a descending triangle pricewise and also on the daily RSI .
The daily MACD is also moving in a well respected triangle
These patterns should reach their ends by the end of August, if not even before that.
The direction will depend heavily on BTC -1.79% but they are nevertheless very bullish patterns.
My trade setup:
Buy: ~76
SL: Below 69
If LTC falls below the white support line and BTC -1.79% is also pointing down (a break of 6800 - 0.618 fib would confirm further downtrend)
then I´ll probably be looking to go long again at the peak of the descending triangle .
Note: Alts have suffered heavily and are bottoming out so a new alt cycle would be needed
if some people would want alts to actually survive.
Also there is a correlation between BTC -1.79% dominance (48.2% right now) and alt cycles.
The chart below shows when alts started to run heavily again.
imgur.com/a/yT1G93s
Moving in a descending triangle pricewise and also on the daily RSI .
The daily MACD is also moving in a well respected triangle
These patterns should reach their ends by the end of August, if not even before that.
The direction will depend heavily on BTC -1.79% but they are nevertheless very bullish patterns.
My trade setup:
Buy: ~76
SL: Below 69
If LTC falls below the white support line and BTC -1.79% is also pointing down (a break of 6800 - 0.618 fib would confirm further downtrend)
then I´ll probably be looking to go long again at the peak of the descending triangle .
Note: Alts have suffered heavily and are bottoming out so a new alt cycle would be needed
if some people would want alts to actually survive.
Also there is a correlation between BTC -1.79% dominance (48.2% right now) and alt cycles.
The chart below shows when alts started to run heavily again.
imgur.com/a/yT1G93s
Operación cerrada: objetivo alcanzado
Trade stopped.Alts are in for a red time again.
Check BTC update for the trend we are in right now.
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