Litecoin Daily Dose 3/14/19
tradingview
03/15/2019
image

I actually like Litecoin’s price action, but not in terms of a long. There was a great short at $60. Bearish divergence had already formed and this was at a retest of a break out in an ascending channel. Long-term LTC is bullish to me because of this expanding channel vs one that constricts so I do see a lot of opportunity to trade this. At time of writing the current price is about $57 but the price did eventually drop to about $55 so that would have been a 10% profit. There is still a possibility that LTC can drop to $46. At that point that would be a solid long position.



read rest of the analysis
Related
Litecoin
tradingview
image

As long as the level of 62.80 cannot be exceeded, it can be expected to target the 55.50 level.

image

Open Interest - Long: 1.12 Days Open Interest - Short: 1.33 Days RSI: Hidden Bullish (1D) OBV: Rising VOL: Flat Price Action: After spending the last 48 hours eating into the top of the channel; there has been a reasonable pull back. The moving averages are a relative distance below (closest is $53), so the logical approach favors the short side right now - look for positions in the $61-$63 range; but be willing to hold through to $71 with the 52w MA being the stop loss. Key Resistance: 60.0, 67.0, 70.9 (52w MA) Key Support: 54.0, 53.2 (28d MA), 48.0, 44.0 (26w MA)

image

Want to start this out by saying I have incredibly skeptical of cryptos. That said, Litecoin is definitely the best performers of most of the majors on a percentage basis. So that said, I think price action could in the medium-term see a few more gains if this trend can continue. However, RSI and stochastic indicators are leaning towards a pullback flashing overbought signs. But small pullbacks are healthy and after that we could continue upwards. Let's see.

view all
BITFINEX:LTCUSDundefined