LITECOIN (LTC/USD) Is On The Upwards Channel!
Litecoin looks 'healthy' with the upwards channel and with the clean higher highs (HH) & higher lows (HL). Currently, the price has found a good support area from the round number at $60. This area matching exactly with Fibonacci retracement 50 percent. Two times tested ($60) and two times it got a bounce upwards. The EMA's are around the round number area and that makes this support level even heavier to break.
We have a golden cross between the 200 and 50 EMA, which also indicates that we are on the bullish mode but at the moment, to get a leg upwards, we have to break the blue line, the strong resistance area.
Lately, six attempts were failed and this shows that if we want to be bullish then firstly, we have to take down the blue line which works as a resistance. The target would be slightly below the $70 there are the minor trendline and the channel trendline crossing area, plus the round number. All those starts to work as a resistance and the first short-term target should be there!
If, the market and if Bitcoin' falls below the triangle trendline then as you know, the whole market 'collapse'. The bearish confirmations would be a candle close below the round number $60, a candle close below the channel trendline (counter trendline) and probably the first stop is around $54-$55. There are the latest support level and previous higher low.
Hopefully, those levels and this analysis helped You out a little bit to confirm your own analysis!
If You want to get deeper analysis and the latest crypto-news then please visit our site, the link is on the profile!
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Best regards!
We have a golden cross between the 200 and 50 EMA, which also indicates that we are on the bullish mode but at the moment, to get a leg upwards, we have to break the blue line, the strong resistance area.
Lately, six attempts were failed and this shows that if we want to be bullish then firstly, we have to take down the blue line which works as a resistance. The target would be slightly below the $70 there are the minor trendline and the channel trendline crossing area, plus the round number. All those starts to work as a resistance and the first short-term target should be there!
If, the market and if Bitcoin' falls below the triangle trendline then as you know, the whole market 'collapse'. The bearish confirmations would be a candle close below the round number $60, a candle close below the channel trendline (counter trendline) and probably the first stop is around $54-$55. There are the latest support level and previous higher low.
Hopefully, those levels and this analysis helped You out a little bit to confirm your own analysis!
If You want to get deeper analysis and the latest crypto-news then please visit our site, the link is on the profile!
Please, don't forget to hit the LIKE button to support us!
Best regards!
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