BCryptological

Potential support bounce off Daily 200 Moving Average

BINANCE:LTCBTC   Litecoin / Bitcoin
Two important perspectives to look at Litecoin vs Bitcoin:

Bullish:
  • Litecoin has been in freefall for the past 12 days, but is about to contact the daily 200 Moving Average, which proved strong support twice in May.
  • The daily Stochastic RSI and RSI both are indicating a possible shift in momentum to the upside.

    Bearish:
  • The (far lower) weekly 50 Moving Average is more likely to be our target as we move into July.
  • The weekly Stochastic RSI is currently indicating downward momentum.

Essentially we may see a short term bounce off the daily 200MA, around 0.0122, but over the coming weeks should anticipate to fall below it to the weekly 50MA, around 0.0109.

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Comment: Where we are right now >>> "over the coming weeks should anticipate to fall below it to the weekly 50MA, around 0.0109"

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