Chart legend:
Downtrends= grey
Uptrend= blue
Support = black
Resistance= yellow
Past price analysis: Price broke trendline(1) at the beginning of the year, then proceded to break trendline(2), moving to resistance (1) (actual price), now we can look at this in 3 ways possible:
1- Price goes to 23.6 retracement(which will act as support) and retests the uptrend that once broken, will serve as resistance, not achieving success, it will break the 23.6 retracement, going to the next support $215, and bouncing to $244 (if at point A forms an evening star, this scenario is the most likely) (Represented in the graphic)
2-Price goes to 38.2 retracement, bouncing to 61.8 retracement (acting as resistance), pushing back to 50 retracement, and exploding to 78.6 retracement
3- Price will test the trendline (acting as support), moving up to 61.8 retracement (acting as resistance), pushing price back to the trendline, and exploding to 78.6 retracement.
In my opinion, price will follow the first way, it's starting to decline , but let's wait and see!
Any question feel free to ask down below!
Disclaimer: I'm not a financial adviser, i'm not responsible for any losses due to following my chart analysis
Downtrends= grey
Uptrend= blue
Support = black
Resistance= yellow
Past price analysis: Price broke trendline(1) at the beginning of the year, then proceded to break trendline(2), moving to resistance (1) (actual price), now we can look at this in 3 ways possible:
1- Price goes to 23.6 retracement(which will act as support) and retests the uptrend that once broken, will serve as resistance, not achieving success, it will break the 23.6 retracement, going to the next support $215, and bouncing to $244 (if at point A forms an evening star, this scenario is the most likely) (Represented in the graphic)
2-Price goes to 38.2 retracement, bouncing to 61.8 retracement (acting as resistance), pushing back to 50 retracement, and exploding to 78.6 retracement
3- Price will test the trendline (acting as support), moving up to 61.8 retracement (acting as resistance), pushing price back to the trendline, and exploding to 78.6 retracement.
In my opinion, price will follow the first way, it's starting to decline , but let's wait and see!
Any question feel free to ask down below!
Disclaimer: I'm not a financial adviser, i'm not responsible for any losses due to following my chart analysis
Comment:
I got Litecoin right, now lets hope see if it breaks the $247 resistance line!