My indicator is showing a "strong buy approaching" signal on Litecoin's weekly chart.
The "support buy" is not based off the indicator. It's more of a level I may consider buying as a support level. It's a logical bounce spot if I were just using PA to chart.
The two lower levels are conditions set by the rules of my indicator. The 0.786 fib level is typically a "strong buy" level prior to extended uptrend. It has a solid success rate, but nothing is ever 100%. If this level fails to hold upon 2 weekly closes, it's likely we could see $18-22 LTC again. This would be a very strong buy area per the rules of my indicator and a chance to potentially catch "the bottom"
We'll see how this plays out. We must have bullish divergence formed by the indicator to have all criteria met. This means we need momentum to build to the upside as price is dropping. The indicator will show this if the line breaks above the yellow zone while price is dropping.
Stay tuned.
The "support buy" is not based off the indicator. It's more of a level I may consider buying as a support level. It's a logical bounce spot if I were just using PA to chart.
The two lower levels are conditions set by the rules of my indicator. The 0.786 fib level is typically a "strong buy" level prior to extended uptrend. It has a solid success rate, but nothing is ever 100%. If this level fails to hold upon 2 weekly closes, it's likely we could see $18-22 LTC again. This would be a very strong buy area per the rules of my indicator and a chance to potentially catch "the bottom"
We'll see how this plays out. We must have bullish divergence formed by the indicator to have all criteria met. This means we need momentum to build to the upside as price is dropping. The indicator will show this if the line breaks above the yellow zone while price is dropping.
Stay tuned.