UPDATE - LTC Analysis Based On Measured Move and Fibonacci.
LTCBTC has been holding quite strong despite how other coins have seriously dropped in prices. However, this coin has the potential to fall more based on some little technical studies.
We found this analysis on two measurements.
1. The 38% and 50% Fibonacci retracement levels: You will notice a support and resistance were formed at 0.00759 and 0.00985 on the 10th and 24th of September 2018 respectively. The mid-price between these two prices is 0.00872, and as seen on the Fib. levels, LTCBTC tested the mid-price (50% Fib) as resistance on November 5th. The same case goes for the 38% retracement level as LTCBTC tested it as resistance as well. This was necessary for LTCBTC so it could gain momentum to break the support at 0.00759 which has occurred.
2. Another study is the Measured Implication which seems to have played well on this coin. Measured Implication or Move is the equal vertical distance between lines A and B, projected downwards to line C. LTCBTC seems to be giving us confirmation that this process may play out. When the measured move is calculated, the price is 0.00533 which is extremely close to our target/support at 0.005346 formed on the 4th of Dec, 2017.
This is a weekly chart, so it may a couple of weeks to play out...if we are lucky.
What are your ideas on this coin? Please share.
We found this analysis on two measurements.
1. The 38% and 50% Fibonacci retracement levels: You will notice a support and resistance were formed at 0.00759 and 0.00985 on the 10th and 24th of September 2018 respectively. The mid-price between these two prices is 0.00872, and as seen on the Fib. levels, LTCBTC tested the mid-price (50% Fib) as resistance on November 5th. The same case goes for the 38% retracement level as LTCBTC tested it as resistance as well. This was necessary for LTCBTC so it could gain momentum to break the support at 0.00759 which has occurred.
2. Another study is the Measured Implication which seems to have played well on this coin. Measured Implication or Move is the equal vertical distance between lines A and B, projected downwards to line C. LTCBTC seems to be giving us confirmation that this process may play out. When the measured move is calculated, the price is 0.00533 which is extremely close to our target/support at 0.005346 formed on the 4th of Dec, 2017.
This is a weekly chart, so it may a couple of weeks to play out...if we are lucky.
What are your ideas on this coin? Please share.
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