Litecoin turbulence is about to come, pls fasten your seatbelt
Howdy all, thanks for keep seeing my analysis. Let's get down to litecoin now. As you can see from 4H LTC/BTC, the candle is about to touch support from symetrical triangle and the way I see it, seems like bad about to coming. From not so long previous candle before, see that red circle and bubble text it indicate the deatch cross coming from the convergence of EMA7 & EMA20. Yet it also form a mini descending channel toward support inside the bigger channel. Added with the RSI that had breakdown the support. Likely we'll about to encounter turbulence heading to 61,8% or 78,6% retracement.
Of course this scenario would be invalidate if the price would manage to rebound and break the resistent line of the mini descending channel. But from all indicator shown, to all litecoin passengers, please fasten your seatbelt.
Of course this scenario would be invalidate if the price would manage to rebound and break the resistent line of the mini descending channel. But from all indicator shown, to all litecoin passengers, please fasten your seatbelt.
Comment:
The critical support had been breached. Further correction will be obvious especially with the news sentiment of litepay getting canceled. Support given in above.
Comment:
LTC 4H chart candle currently holding on in 61,8% retracement with the RSI at oversold area. But from the daily chart, MACD and RSI looking not so good with MACD already at bearish divergence and RSI breaking the support into the bearish zone.
I predict all comes to the volume that play the key part of where the trend will continue. If today daily candle closes below the 61,8% with increasing volume then we'll see a test towards 78,6%. The significant the amount will affect the velocity on touching below support. Keep an eye about this crucial candle for today.
LTC 4H chart candle currently holding on in 61,8% retracement with the RSI at oversold area. But from the daily chart, MACD and RSI looking not so good with MACD already at bearish divergence and RSI breaking the support into the bearish zone.
I predict all comes to the volume that play the key part of where the trend will continue. If today daily candle closes below the 61,8% with increasing volume then we'll see a test towards 78,6%. The significant the amount will affect the velocity on touching below support. Keep an eye about this crucial candle for today.
Trade closed: target reached:
Reach TP2 and got rebound from bottom at 0.015633 btc just as been mentioned before.