Litecoin (LTC) analyse 29/10/2020

Litecoin (LTC) analyse 29/10/2020


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Litecoin is currently trading against the downtrend line that has already been formed as of December 2017 and is pretty much in the apex of the triangle that is being formed with the lower trend line. Here we always see a higer low being formed, now it's important to get a higer high before we can see delicious profits of up to 100%. The resistance level (gray block) we would like to see flipped is $65 - $70 and also has confluence with the ema100. The rsi is in neutral area with the middle line and ema as support below it. The LBR indicator (modified MACD by Linda Bradford Raschke more information can be found here https://www.lizardindicators.com/indicator-library-2/momentum-oscillators/lbr-3-10-oscillator/) gives the same picture as the rsi only we see that the momentum is bullish after all.


Day chart
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About a week and a half ago, LTC beautifully broke through the local highs (marked purple) and was then rejected to the trend line and weekly order block. When we measure this inpulse with the efibancci the golden pocket matches the broken local highs nicely. Testing this level wouldn't be crazy at all, there could be just a higer low. We see the ema100 trying to get above the ema200 and that would be bullish and also has confluence with a possible retrace to the golden pocket. The sell volume is increasing quite a bit and the RSI and LBR also show an easy retrace.

6H chart
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The six hour graph also seems to confirm that we need to retrace a bit further. It is now at a point of breakthrough or a bearih retest. The only thing still in favor of the bulls here are the ema's. The other indicators clearly show a retrace and the bearish momentum is increasing.

Conclusion:
I think there is a good chance that LTC will definitely break the downtrend line in the coming weeks, but for this the course will first retrace. I expect the retrace to be around $52 but could be a bit lower. As long as the downtrend line can hold out I think it is fine. The 65 - 70 dollar level needs to be broken and preferably tested before we can get really bullish. Once in that position there is still a bit of resistance at $80 and then the way is clear to the $138 level.

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MrCoingrats
MrCoingrats

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Technical analysis by Mr. Coingrats
Technical analysis by Mr. Coingrats

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