LTC: FUTURE IS UNCERTAIN, BUT CERTAINTIES ARE AROUND THE CORNER!
Hi guys! welcome back for this new analysis on LTC !
At least for the moment, we leave aside the Litepay question (I talked about it extensively in my previous analyzes on LTC) which has largely influenced prices in the past few days.
For the moment it seems that its effects on the market have stabilized, but without forgetting that it could again influence prices in the coming days.
Due to the lateralization of yesterday that has continued for today, I had to expand the head of my RED H & S again, until it coincides with the right shoulder of the main H & S in GREEN, even if now, with the current situation of the markets could not even complete as expected.
The line of EMA 50 that we have identified as support continues slowly to rise pushing more and more the price towards the resistance of 0.5 Fib, which has already been tested without success and this crushing will lead in the short term to the break of one of the two lines .
Obviously we hope that it breaks up, to see the completion of the head of the RED pattern and the shoulder of the GREEN one, that would provide, positive signals and confirm an imminent change of trend.
In case the break occurs downwards it will be a yellow flag and we would certainly go to test the EMA200, which is a good support, but a break of it, will be a big red flag and would result in a further fall in prices, at least until the Fib retracement 0.786.
Unfortunately to a failure of the two H & S that we have followed so far we will be forced to abandon them and to review the forecasts for the near future.
The trading volumes at this time have fallen, that is typical in a phases of lateralization of the markets, but in order to confirm the breakdown of one of the two EMAs, we will need to see volumes much higher than now and they should be quite above average, so until then we can consider the lateralization still in progress.
the MACD indicator, right now, fits almost perfectly with its signal line and continues to move not much above 0.
This confirms for the moment a stalemate but the change in trend of short-term prices could come suddenly.
concluding, we will certainly see something significant happening in the coming days and it will be, in my opinion, very close to what happens at BTC, which we do not forget yet, has a very strong influence on the other crypto.
BTC at this moment is fighting to break the top of the downtrend channel, the which still seems to offer much resistance.
I recommend again to be very careful in these phases so uncertain, because you could be forced to face heavy losses and I also recommend to put the stop loss not very far from the entry price, possibly just below the already established supports.
Let's see what happens tomorrow.
We'll see you next time! Please let me know yours opinions of my work and correct me if I made some mistakes!
PS: I am Italian, SORRY FOR MY ENGLISH, forgive my errors of writing.
DSCLAIMER: This is my own idea and I'm a BEGINNER in TA and in trading.
So DON'T TRADE following my opinions but make yours and play on that. I publish only to have fun an for sharing my ideas whit others who can improve it and help me grow in understanding the world of TA and Trading.
At least for the moment, we leave aside the Litepay question (I talked about it extensively in my previous analyzes on LTC) which has largely influenced prices in the past few days.
For the moment it seems that its effects on the market have stabilized, but without forgetting that it could again influence prices in the coming days.
Due to the lateralization of yesterday that has continued for today, I had to expand the head of my RED H & S again, until it coincides with the right shoulder of the main H & S in GREEN, even if now, with the current situation of the markets could not even complete as expected.
The line of EMA 50 that we have identified as support continues slowly to rise pushing more and more the price towards the resistance of 0.5 Fib, which has already been tested without success and this crushing will lead in the short term to the break of one of the two lines .
Obviously we hope that it breaks up, to see the completion of the head of the RED pattern and the shoulder of the GREEN one, that would provide, positive signals and confirm an imminent change of trend.
In case the break occurs downwards it will be a yellow flag and we would certainly go to test the EMA200, which is a good support, but a break of it, will be a big red flag and would result in a further fall in prices, at least until the Fib retracement 0.786.
Unfortunately to a failure of the two H & S that we have followed so far we will be forced to abandon them and to review the forecasts for the near future.
The trading volumes at this time have fallen, that is typical in a phases of lateralization of the markets, but in order to confirm the breakdown of one of the two EMAs, we will need to see volumes much higher than now and they should be quite above average, so until then we can consider the lateralization still in progress.
the MACD indicator, right now, fits almost perfectly with its signal line and continues to move not much above 0.
This confirms for the moment a stalemate but the change in trend of short-term prices could come suddenly.
concluding, we will certainly see something significant happening in the coming days and it will be, in my opinion, very close to what happens at BTC, which we do not forget yet, has a very strong influence on the other crypto.
BTC at this moment is fighting to break the top of the downtrend channel, the which still seems to offer much resistance.
I recommend again to be very careful in these phases so uncertain, because you could be forced to face heavy losses and I also recommend to put the stop loss not very far from the entry price, possibly just below the already established supports.
Let's see what happens tomorrow.
We'll see you next time! Please let me know yours opinions of my work and correct me if I made some mistakes!
PS: I am Italian, SORRY FOR MY ENGLISH, forgive my errors of writing.
DSCLAIMER: This is my own idea and I'm a BEGINNER in TA and in trading.
So DON'T TRADE following my opinions but make yours and play on that. I publish only to have fun an for sharing my ideas whit others who can improve it and help me grow in understanding the world of TA and Trading.
הערה:
LTC breakdown the EMA50.
This is a yellow flag!
If this trend will continue in next sessions, probably we will go to test also the EMA200.
I think that if BTC will find a good support on his top of downtrend channel, who has breaked few hours ago, It will begin a new ascent and drag the other cryptos with it.
So keep your eyes on both currencies !
And pay attention at your position to be ready to close them.
This is a yellow flag!
If this trend will continue in next sessions, probably we will go to test also the EMA200.
I think that if BTC will find a good support on his top of downtrend channel, who has breaked few hours ago, It will begin a new ascent and drag the other cryptos with it.
So keep your eyes on both currencies !
And pay attention at your position to be ready to close them.
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I think we can consider it a good news.
PS: the news is not a rumor you can find it simply searching on the web.