Potential support bounce off Daily 200 Moving Average
Two important perspectives to look at Litecoin vs Bitcoin:
Bullish:
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.
Save crucial space on your Trading View chart by utilising my free to use indicator which overlays both the RSI and Stoch RSI in a clear and helpful fashion - link below.
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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.
Save crucial space on your Trading View chart by utilising my free to use indicator which overlays both the RSI and Stoch RSI in a clear and helpful fashion - link below.
Please give me a thumbs up and follow me if you found my analysis interesting. This is for educational purposes only and not a recommendation to buy or sell.
Comment:
Where we are right now >>> "over the coming weeks should anticipate to fall below it to the weekly 50MA, around 0.0109"
